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Credit card changes 'could alleviate debt problems'

Credit card changes 'could alleviate debt problems'

- Thursday, 6 May 2010

From January 2011 borrowers could save between £300 million and £500 million collectively because of changes relating to credit card debt, suggests an expert.

Kevin Bray, from financial research company Defaqto, believes there is good news for consumers who are living with debt because the money owed with the highest interest is paid first.

This is despite recent findings from the firm that show that the average interest rate on an unsecured loan has increased from 8.8 per cent in 2007 to 12.9 per cent today based on a £5,000 loan over 36 months.

Mr Bray, insight analyst for banking, said: "There is some good news for consumers following the recent announcement from the government about changes to credit card rules and in particular how payments are allocated."

He added that providers will have to allocate repayments on transactions with the highest rates of interest. This will mean the debt is paid off without accruing an extra amount of money on top.

Recently an expert from the Financial and Leasing Authority, Fiona Hoyle, suggested that credit-card changes could lead to more debt if interest rates are capped and set too high.ADNFCR-2300-ID-19761768-ADNFCR
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