It’s good news for spenders trying to regain control of their finances because the UK Cards Association (UKCA) has reduced the pressure on credit card holders paying off debts.
Credit card holders ‘will benefit from industry changes’, according to Melanie Johnson, chair of the association.
“The credit card industry is keen to give consumers as much control of their finances as possible”, she says.
The proposed changes include an industry-wide amendment to the ‘allocation of payments’ practice: all payments above the minimum are put towards paying the most expensive debt first.
Card companies will also help customers who repeatedly pay only the minimum each month by contacting to let them know this is an expensive way to make repayments.
Out of the 30.2 million British credit card holders, 60 per cent pay their bill in full each month, according to UKCA figures.
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