Nationwide delighted about credit card order of payments review

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Nationwide delighted about credit card order of payments review

Nationwide has claimed that it is happy that the government has decided to investigate the order of payments on credit and store cards.

Product and marketing director at the organisation Chris Rhodes commented that all payments should be allocated in a positive way, so paying off the cheapest debt first would be unfair.

He claimed that an "adverse order" impacts on the most vulnerable people, which is particularly negative in the current economic climate.

Mr Rhodes said: "The US has already recognised that the practice of paying the cheapest debt first is unfair to customers and is forcing lenders to be more consumer-friendly."

In his view, it is time that UK consumers had this extra financial pressure taken off them.

This month, Nationwide announced that its Savings index for September had seen a monthly increase of ten points to 87, while the future savings index rose 16 points to 121.

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