In April last year, the Department for Business, Enterprise and Regulatory Reform (BERR) announced that
However, according to the building society, providers should act now rather than wait until the regulation deadline.
It estimates that
“Most providers apply payments to the cheapest debt first making it more expensive for the consumer and more profitable for them,” explained Jeremy Wood, Nationwide divisional director.
“What seems like a good deal at first can become unnecessarily costly for cardholders unless they clear their balance in full,” he added.
Vicky Redwood of Capital Economics recently warned that the availability of credit is continuing to drop, making it harder for consumers to obtain a
© Adfero Ltd