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PPI Claim News - 9/3/2010

Credit Card Reclaim: Cut credit card debt by 17 years

The amount of interest laid on credit card repayments and card charges can be drastically reduced by tapping into savings, a financial advice website has found. claims that the current low savings rates coupled with rising inflation could make it a great time to channel money into repaying consumer debt.

It found those with an average debt of £1,989, paying the minimum 2.5 per cent every month, could see the repayment period cut by as much as 17 years if they contribute an additional £20 per month.

Commenting on the claims, credit card expert Peter Harrison said: "We know that times are tight for many households and some credit cardholders may just be repaying the minimum amount every month as a way of trying to minimise their outgoings.

"However, our calculations send a clear message to those who may also have some savings - simply by paying off a bit more every month … their overall interest bill and the length of time it takes to clear the balance entirely can be dramatically reduced."

His comments come after it was revealed that credit card charges and interest rates have hit a 12 year high, while the Bank of England base rate remains at a 300 year low.

For help making a PPI Claim, Loan claim, PPI reclaim, or a credit card charges claim then call Belmont on 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim form, Loan Claim form, PPI reclaim form or credit card charges form.ADNFCR-2776-ID-19657713-ADNFCR

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