Brit to repay his credit card, Brits take 31years to repay credit card debt, Brit to repay his credit card debt

posted by   harshinii (4)   2 months ago (sify.com)

London: Customers who rely on plastic to make purchases may take about 31 years to repay their credit card debts, according to a new study.Pointing out that four out of ten credit card providers ask for just two per cent minimum repayment, the price comparison website uSwitch suggests that the decision of banks to allow their customers to pay back less as a minimum each month over the last year is part of a strategy to recover lost profits from the credit crisis.