A new set of rules soon to be introduced will give credit card users a better chance of avoiding a sudden interest rate increase. The more lenient regime, which starts this month, will allow customers to pay off their credit card debts faster.
The new rules are being brought in voluntarily, after a government demand for fairer treatment of customers, according to the report on bbc.co.uk
The major change is that repayments will be used to pay off the most expensive debt first. In the past, many providers have used money sent in to pay off the cheapest debt, allowing them to carry on collecting interest at the highest rates.
To find out more about the new set of rules which could affect you, read the full article here.