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Switch long term credit card debts into a structured homeowner loan - 26/6/07 The Office of Fair Trading is currently investigating a super-complaint against the Credit card industry. Many credit card companies are facing severe criticism for reducing their minimum monthly repayment amount to only 2% of the outstanding balance. A few years ago this figure was 5%. Customers only paying the minimum repayment each month are facing repayment terms longer than the length of their mortgage to repay their credit card balances. "In an environment of rising interest rates where personal debt in the UK has reached a staggering £1,325 billion, of which credit card debt accounts for £54 billion, consumers could now finish repaying their mortgage before their credit card, despite the huge disparity in sums borrowed," said Mike Naylor from uSwitch "We urge all credit cardholders who pay the minimum off their credit card bill each month to think about the amount of interest they'll end up paying as a result," he stressed A homeowner loan offers a good way to debt consolidate and arrange for high rate credit cards to be rescheduled into one easily arranged secured homeowner loan. All secured loans are arranged over an agreed time period unlike credit cards which are open ended agreements. Many secured loans still give flexibility to pay more off the outstanding balance whenever it suits you but as they are not open ended contracts and generally much cheaper than credit cards you can save a lot of money by organising the repayment of your debts into a structured homeowner loan. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.