New research from Nationwide has shown that credit card customers in the UK are being kept in the dark about how their debt is repaid.
Some 56 per cent of people told the building society that they would be angry if they found out their provider left the most expensive debt until later in order to accrue more interest.
However, Nationwide claims it is currently the only provider to have a positive credit card repayments hierarchy in place.
The research also found that 63 per cent of card holders do not understand the way their provider organises debt repayments .
Chris Rhodes, product and marketing director at Nationwide, said: "Consumers still don't understand this issue and continue to be penalised. This is a fairness issue and a positive order of payments is now the fairest way forward for consumers."
The Department for Business, Innovation and Skills recently launched a consultation into the malpractices of the credit card industry, such as negative payment hierarchies.
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Brits angry over credit card payment hierarchy
Tue, 15 Dec 2009
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