UK Money News
13th December 2007
Credit providers 'should give repayment examples'
Credit card companies should be obliged to provide examples of the costs involved in their help with money, it has been claimed.
According to independent personal finance adviser Thomas Charles, both banks and credit card companies should follow the example of secured loan providers of giving models of the amount of money required to repay debts.
James Falla, director of the organisation, has suggested that many people get into trouble with debt because they are unaware of the way interest affects their borrowing, or even what rate of interest they pay.
"Particularly with cards that do have high interest rates, they should be illustrating what a person is going to be paying back if they only make a minimum payment," he commented.
He added that with large debts on some cards, it could take ten years to pay back debt using minimum payments.
In recent money news, Halifax has launched a Visa credit card with an interest rate of 29.7 per cent aimed at people with poor credit histories.
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