Just £1 a week brings debt freedom closer
New research claims customers can attain debt freedom almost fourteen years early by paying just an extra £1 a week on their credit card bills.
The independent comparison site uSwitch calculates that total interest more than doubles for people making a minimum repayment of two per cent of the balance of their card, rather than three per cent, with the balance taking some 32 years to clear.
Nick White, head of personal finance at uSwitch, said the findings had revealed 'staggering' opportunities for credit card users.
He added that the research showed the need for banks to be more open about their credit card policies, so that consumers are alerted to the true costs of borrowing.
'Although the issuers have introduced ‘health warnings’ onto credit card statements, they do not go far enough towards spelling out the implications of only making the minimum repayment each month,' he commented.
For consumers wanting to keep informed, all the key details on existing credit card deals can be investigated online. | 
