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	Are credit cards encouraging debt?
	Poor management of credit cards and store card accounts has long been regarded as one of the main culprits for people falling further into debt and the recent reductions of minimum repayment levels by two card providers have met with a poor response by one industry watcher. uSwich criticised M&S Money and Barclaycard for contributing to the increasing debt mountain when they reduced their minimum repayments to 2.5% and 2.25% respectively. uSwitch argues that a standard repayment minimum should be brought in across the industry as one in ten customers make minimum payments and don't realise that they could be facing 30 year debt prospects. Credit card debt currently amounts to £54 billion and is ever increasing due to the lack of information about how these accounts should be handled to avoid long term debt. The so called "health warnings" that are now mandatory on credit card statements are not enough and uSwitch calls for a 3% minimum payment level.

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Home Finance News

Are credit cards encouraging debt?

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