Martin Lewis warns Barclays customers of 'under-the-radar' card payments change
manchestereveningnews.co.ukOne of the UK's biggest banks is changing the way that millions of its customers repay their debts each month, with minimum payments of just £5 for all Barclaycard customers coming in this July.
But, although this might sounds good for people struggling with debt, financial guru Martin Lewis has warned this "technical" change, is actually a "huge danger signal." From July 22, Barclaycard holders could see their debt payments drop, but it could mean paying the bank thousands more in interest.
Many customers struggling with the cost of living will have their monthly repayments set to the minimum, from July this will only cover the interest payable on the debt, which could leave people paying off their debt for up to a decade longer than expected.
Barclays have said the change "gives you more flexibility with your monthly payment". But Mr Lewis, founder of MoneySavingExpert.com, said: "This is a worryingly under-the-radar change by the UK's biggest credit card provider.
Read more on manchestereveningnews.co.uk
