Community
If you've enjoyed the festive season and overindulged, and you're at over 90% of your Credit Limit on your Halifax Credit Card - then beware.
You might not have noticed but the Minimum Repayment and your Direct Debit has dropped to 1%.
Since the Monthly Interest Rate is still over 2%, your debt is increasing even if you never use the Card. After a couple more months you'll be at your Credit Limit - then when they take your Direct Debit and add on the next months Interest you'll be over your Credit Limit, and they'll charge you an extra £12.
Next month - same again - a nice little money spinner bringing in £100 a year in additional Fees.
If you're lucky, you might find another Credit Card company willing to allow you to do a Balance Transfer and tell Halifax where to go. But don't delay - because those Overlimit transactions have now been notified to Experian & Equifax, your Credit Rating has been blighted for 2009, and no-one will supply you with alternative Credit.
Happy New Year!
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Patrick Bermingham CEO at Adflex
29 August
Ben Lane VP of Colleague Experience Group at American Express UK
28 August
Alex Kreger Founder & CEO at UXDA
27 August
Luigi Wewege President at Caye International Bank
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.