Banks should detail what order payments are made now rather than later when new rules come into effect, claims Nationwide.
In 12 months time, new regulations from the Department for Business, Enterprise and Regulatory Reform will take place forcing all
“What seems like a good deal at first can become unnecessarily costly for cardholders unless they clear their balance in full,” said Nationwide director Jeremy Wood.
He explained that the announcement made in April that all card providers should show the order of payments is welcomed by the building society but that lenders should put the new rules into force immediately.
According to Credit Action the total
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