Nationwide: Consumers unhappy with credit card repayments

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Nationwide: Consumers unhappy with credit card repayments

Tue 15th Dec 2009

Consumers think that the government should intervene in the way that credit cards are paid off, according to research by Nationwide Building Society.

Up to 56 per cent of those questioned felt angry when they found out that credit cards generally pay off the cheapest debts first, meaning that consumer has to pay back more interest on their expensive debts.

Nationwide is the only high street card provider which pays off the most expensive loans first, such as cash advances, before it tackles the cheaper debts, like balance transfers.

Nationwide's product and marketing director Chris Rhodes said: "Our research results are unequivocal: consumers still don't understand this issue and continue to be penalized."

Consumers were also warned to be vigilant against fraud when using their plastic over the holidays, with Nationwide recommending simple steps such as keeping pin numbers separate from the card itself to stop fraudsters from getting access to other peoples money.

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