FCA tells banks to help struggling credit card borrowers

[Woodgate]

http://www.telegraph.co.uk/finance/n...borrowers.html

'.By contrast when customers make the minimum payment each month they do not appear in the lenders’ systems as distressed or struggling and they are particularly profitable customers, meaning banks do not offer help.'


Strange, because they all managed to increase the interest rate on my cards because I was only making the minimum payment.

[The Tech Clerk]

Re: FCA tells banks to help struggling credit card borrowers

http://www.telegraph.co.uk/finance/n...borrowers.html

'.By contrast when customers make the minimum payment each month they do not appear in the lenders’ systems as distressed or struggling and they are particularly profitable customers, meaning banks do not offer help.'


Strange, because they all managed to increase the interest rate on my cards because I was only making the minimum payment.

No reference to the interest rates increasing from %13.5 to 30% and more in most cases over a period 12 -14 years, another soft touch Regulator.

[jadex]

Re: FCA tells banks to help struggling credit card borrowers

Strange, because they all managed to increase the interest rate on my cards because I was only making the minimum payment.

yes, I can concur - when I run into difficulties and stopped paying full balances all my providers managed to increase interest;
so it went from 12% to 16 to 19 to 25 to 29 to 36% (averaged at 29%) in a short space of a few months - ended up with minimum payments of £800ish (on modest £20k total debt) with £650ish being interest!!! - obviously, couldn't last long with my dwindling income at that time

the worst one was Duet card - minimum repayment covered only interest...
and yes, they were the smallest in my "portfolio" - just £1k with the highest interest 36% and the quickest to dump me and default me - which is now blessing in disguise as it will be in a few days the first SB account to my name (UE it is as well)