Minimum payments on your credit card may increase

As part of the UK government's ongoing attack on the UK credit card industry, it has been revealed that minimum payment terms could be increased thereby reducing significantly the time taken by many to pay off their full credit card debt. This comes at a time when the UK government appears to be standing up for the UK consumer even if many people believe it is still too little too late.



When you consider that those at the higher end of the credit card debt league could, in some situations, take 25 years to repay all of their debt if they only repay the minimum payment per month, maybe it is time to change the regulations. However, there is an argument that ongoing UK government tinkering with the credit card industry regulations may well force more pressure on credit card customers in the short to medium term. There is also a feeling of "Big Brother" with the government taking an interest in more and more areas of everyday life and everyday finance in particular.



Even though the infamous White Paper on the credit card industry is not officially revealed until 2 July it appears as though a number of "well timed leaks" have stolen the headlines in the short term.