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Credit card customers 'may be getting raw deal'

When it comes to credit card debt, people may be getting a "raw deal", it has been claimed.

None of the main eight credit card providers assign repayments to the most expensive debt first, which may cost consumers extra money, according to moneysupermarket.com.

Steve Willey, head of credit cards at moneysupermarket.com, said: "Balances are being split without consumers realising.

"Many cardholders paying the minimum balance each month are being stung because their money is only paying off the cheapest debt. This is why a zero per cent balance transfer card isn't a good thing to spend on."

Mr Willey added that consumers should stay one step ahead of the game in order to avoid lining the pockets of the banks.

In related news, the price comparison site claimed recently that there are inconsistencies in fees and charges among mortgage providers that mean homeowners may be losing more money than they think when they miss a repayment.

People in debt may wish to consider consolidating their debt into one manageable monthly payment.

See how much you could save with a consolidation loan from Lombard Direct.

© Adfero Ltd

13/02/2008 10:54:10

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