Credit card providers ‘looking to regain lost incomes’

Michelle Slade, personal finance analyst at Moneyfacts.co.ouk, maintains that in the wake of Office of Fair Trading regulation to curb the rise in ‘unfair’ default fees, a number of credit card providers are changing conditions attached to their products.

And for the millions of Brits with credit card debt their debt management plan could become increainslgy difficult to implement as lenders up their interest rates and cut short interest free offers, Ms Slade suggests.

“In the last two weeks alone, six credit card providers have made major changes to some or all of their cards,” Ms Slade remarked.

“Cash withdrawal fees and foreign usage charges are rising, but perhaps the sneakiest of all is the requirement to make purchases as part of a zero per cent balance transfer deal,” she added.

Last week, the UK consumer minister Ian McCartney urged those people facing debt management troubles to seek out debt advice from the number of sources available.

track