The finance guru urged people to be aware of the 'under-the-radar' change
The finance guru has urged people to be aware as the bank is changing how repayments are set for millions of customers. From July 22, the bank is reducing the proportion of debt many of its customers have to repay as the monthly minimum.
READ MORE: DWP propose changes for people on PIP, Universal Credit, legacy benefits or long-term sick "Yet this seemingly technical and bland change is a huge danger signal. I wish I could light up the sky with neon signs shouting that, for those unaware, if paying interest on their credit card debt, it can easily DOUBLE the total cost of debt by the time you clear what you owe, meaning you pay £100s or £1,000s more.
"Barclaycard's reduction, for many, from 3.75% of the balance to 1% of the balance – means while people's repayments will cover their interest, they will clear far less of what they owe, prolonging the debt, keeping people indebted year after year after year, and the interest racking up year after year after year."
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