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Amount could increase by 3% to 5%
A shake up of consumer laws planned by the government which will tackle consumer debt is likely to state that minimum monthly payments on credit card bills must increase.
Currently, the borrower need only pay a minimum of 2% to 5% which the government hopes will help consumers pay their debt back a lot faster and will make it harder to increase their debts too easily. The increase would mean that card holders will cut the average time a borrower takes to repay an outstanding balance by several years on a debt as low as £1,900.
Consumer debt experts said they welcomed the proposals saying that it would stop credit card companies from making too much profit from borrowers. The Department for Business Innovation and Skills (BIS), who are consulting on credit and store cards until January 2010, propose to limit the ways in which companies increased credit card limits and banning raising rates on existing credit. The final report will be available in April.
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