Speaking on his ITV show, the money expert called debit cards with an overdraft danger cards. Most overdraft charges on debit cards are now at 40 percent, leaving consumers with almost double the interest to pay back.
Mr Lewis explains that the first thing if you're overdrawn is to check your eligibility for a 0 percent overdraft and to what amount. People also ask me, can I shift my overdraft onto a 0 percent card? The answer is yes, but only a few specialist cards, it's called a money transfer.
Try to shift your direct debits to just before payday, so the longer you're overdrawn, the bigger your interest charges. So if you can move it to just before payday, you won't be in debt for as long and it should reduce the interest.
Minimum repayments have always been credit card firms' secret weapon. Letting people repay little looks appealing – hence why Barclaycard says this is about 'flexibility'... Yet it takes flexibility to kick your own backside, and this will hurt some.
Collection
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