Credit Card Companies Making it Worse
In the UK and Ireland credit cards are worrisome. Many customers are trying to ease their debts only to find they are getting more expensive credit cards. Research conducted this year shows 16 cards have increased their annual percentage rate. 12 cards have also increased the cash withdrawal services.
11 credit cards have increased their balance transfer fees. 7 companies have reduced the amount of interest free days. For those who are new to credit cards you used to get 56 days of free interest. Now that is cut by 4 days or more. Paying the minimum balance on credit cards is the biggest mistake one can make. The minimum balance is just going to get that interest added on to the card and no change will occur to the actual debt.
It is imperative that credit card users understand the workings of the UK credit card companies. If they don’t change their spending habits they could be looking at further problems than they have now. While work is being done in order to lessen the credit card interest rates for a more fair practice, it will not happen overnight. A study showed about 55 billion pounds has been charged by consumers on credit cards.
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