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Credit Cards allocation of payments
Kenny2537
Posts: 1 Newbie
in Credit cards
I recently heard that a decision had been made that was to become law that now requires credit card companies to change the way they allocate payments to your outstanding balance from the lowest interest rate first and the highest rate last to actually paying off the most expensive part of the debt first. Can anyone else confirm this and has it actually become law or are the credit companies appealing?
0
Comments
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Found Below for Nationwide
http://www.nationwide.co.uk/NR/rdonlyres/213506F7-10F7-4DD3-8114-3AABB2B247CE/0/AllocationofPaymentsBriefing.pdfDmp Mutual Support thread member No 820 -
Hi - this is better known as payment hierachy in the industry and is part of the new Credit Card CCD proposals for next year. Note - some providers already pay off the most expensive debt first including Nationwide.0
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