Common sense at last - Confused.com comments on the new rights for credit card customers, announced today.

Publication Date: Monday, January 11, 2010

Joanne Garcia, Head of Credit Cards at Confused.com says "It's great to see credit card providers agreeing to treat their customers more fairly and encourage them to be more in control of their finances. However, customers may end up paying in the long run as the cost of these changes are likely to see another nail in the 0% balance transfer card coffin.

"Consumers need to be more responsible as well" Garcia adds. "No one should borrow money on a credit card if they know they can't afford to pay it off. If they can't repay the whole amount each month, they should try to pay off at least a small amount more than the minimum payment in order to help clear their balance as soon as possible.

"Paying back an extra £10 per month could help pay off a debt of £1,000 on a 14% APR credit card in just over five years, rather than 19 years if simply the minimum 2% is paid off - and this could save over £750 in interest.¹"

¹ figures from www.whatsthecost.com

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