Min payment less than interest.. is this normal?

Hollypop_2

Hello All,

Is it normal when you get your credit card bill for the min payment to be less than the interest charged if not paid off in full?

Im sure I read somewhere on here that card suppliers are suppose to make sure you are paying off some of the debt each month and not let people get into a situation where their card is never paid off?

If this isnt the case, gosh i can see how people get riddled with debt quickly !

[Deleted User]

It could be less that the interest which will be charged if not paid in full. But should not be less than the interest you've been charged in the previous period.

Anthorn

Hollypop wrote: »

Hello All,

Is it normal when you get your credit card bill for the min payment to be less than the interest charged if not paid off in full?

Im sure I read somewhere on here that card suppliers are suppose to make sure you are paying off some of the debt each month and not let people get into a situation where their card is never paid off?

If this isnt the case, gosh i can see how people get riddled with debt quickly !

I believe although I'm not at all sure that the requirement to reduce the debt as you mention became law in U.S.A. probably in 2003 - 2004, the date of the last recession, but not in United Kingdom.

To make sure your debt isn't ever on the increase you should pay more than the minimum payment, possibly the minimum payment plus the interest.

[Deleted User]

Anthorn wrote: »

I believe although I'm not at all sure that the requirement to reduce the debt as you mention became law in U.S.A. probably in 2003 - 2004, the date of the last recession, but not in United Kingdom.

It came into affect for new accounts in the UK in Jan 11.