Monday, 11 June 2007

The Debt Disaster: Barclays to make staying in debt easier

"Those who lend money without charging interest, and who cannot be bribed to lie about the innocent. Such people will stand firm forever." Psalm 15:5

Barclaycard, Britain's biggest credit card provider, is about to make it more difficult for poor borrowers to climb out of debt.

Next month, the lender will cut the minimum repayment for many cardholders from 2.5 to 2.25 per cent. If a borrower owing £3,000 on a card with an average annual percentage rate (APR) of 17 were to take this option, it could add four and a half years to the time spent clearing the debt, says Justin Modray of independent financial adviser Bestinvest. Read more

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