The new Barclaycard rules would see some debts take 20 years to pay back
One of the UK's biggest banks is changing the way that millions of its customers repay their debts each month, with minimum payments of just £5 for all Barclaycard customers coming in this July. But, although this might sounds good for people struggling with debt, financial guru Martin Lewis has warned this "technical" change, is actually a "huge danger signal."
READ MORE: Bank introduces new freebies for customers including weekly Greggs, railcard and breakdown cover Mr Lewis continued: "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.
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