Some 2.5m credit card holders are using their credit cards to withdraw cash and in the process are being stung for around £90m a year in interest.
It’s a little known fact that withdrawing cash on your credit card often costs you well over 20 per cent in interest! Worse still, even if you are paying off your borrowing each month, then your cash borrowing will not be paid off until any other debts – balance transfers or purchases – are cleared from the card.
In addition 5 million Brits are using their credit cards to pay household bills. This is just storing up a whole heap of financial trouble because it means borrowers end up paying a high APR for longer.
Three top tips to STOP THE CREDIT CARD ROT.
Move your balance to a 0% card. Natwest is offering 0% on balance transfers for 15 months, with …
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Tags: Banks, Car, Cards, cash, credit card, Credit Cards, debt, finance, financial, house, money, offer, pay
