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balance increases
susieq1
Posts: 7 Forumite
in Credit cards
Sorry if this thread has already been covered.
I have a direct debit (which varies every month by a few pence)for a cc payment. It is for a marbles card (previously HFC) I just make sure the money is always in for the debit . Sounds stupid I know but when the statement comes I just check how much the payment is for and make sure it is there for the due date. For the last three statements I have noticed that the balance is not going down-it is actually increasing by about a pound or so. Does anyone know if this could actually be illegal?
Thanks in advance for help
I have a direct debit (which varies every month by a few pence)for a cc payment. It is for a marbles card (previously HFC) I just make sure the money is always in for the debit . Sounds stupid I know but when the statement comes I just check how much the payment is for and make sure it is there for the due date. For the last three statements I have noticed that the balance is not going down-it is actually increasing by about a pound or so. Does anyone know if this could actually be illegal?
Thanks in advance for help
0
Comments
-
1) Yes, it's legal.
2) It's caused by the interest rate being higher than the minimum payment (or other insurances being added on).
3) That means you need to start paying extra - otherwise your debt will continue to rise every month.0 -
The minimum payment is nothing to do with reducing your balance, it is the minimum you have to pay to not be hit with a non payment charge for the month.0
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