The UK's biggest lender has made a change which will have a 'monumental' impact on people in debt, warns the money expert
Martin Lewis has issued an urgent credit card warning after a major lender made an ‘under-the-radar’ change, which will have a ‘monumental’ effect on people in debt. The warning has been issued to millions of people who have a Barclaycard credit card.
‘My issue here is people not understanding the monumental impact dropping the interest rates has, he said when speaking on R5 on Wednesday, 25 April. Barclaycard customer? WARNING, it's cutting your minimum repayment, this sounds trivial but it could DOUBLE the total interest you repay. Full details, my analysis and help here https://t.
Martin warned: ‘Minimum repayments are already designed to keep you in debt for as long as possible, because they decrease as your debt does – and lowering them just amplifies this effect.‘Pay a fixed amount – don’t do nothing’ Martin has urged people who are only able to pay the minimum amount to continue to pay the current amount they pay now – because they’re used to paying it. He said this can be done by fixing a set amount – either online or on the app, or by calling Barclaycard.
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