What is Persistent Debt?

 

Introduced in 2018 by the FCA, persistent debt is a situation when people are asked to pay charges and interest exceeding their actual balance on the credit card for a period of at least 18 months.

Now you may ask, why so? See, every month you need to make minimum payments for using your credit card. If you fail to do so, you have to pay interest on the outstanding amount. You can find blogs related to persistent debt credit card on their site.

Your credit card lender would ask you to pay more than minimum payments not to make more money from you but to follow the FCA guidelines. They are saving you from falling into long-term debt and then paying mounting interest charges in the future.

Your credit card lender and advisor will help you get out this situation. If you can’t pay higher payments, they will help you budget your finances reduce your credit card spending and help you get out of persistent debt.

Often due to lack of reliable resources on the Internet, we find ourselves confused about finances. Money &Investing Digest is here to provide a solution. The website shares real life anecdotal money stories that impart practical knowledge and help you avoid making the same mistakes in your finances. They present the information independently without any bias and do not make bold claims when it comes to personal finances.

You can visit their website and get updates regarding new financial trends and policies like FCA persistent debt.

For more information, visit https://www.moneyinvestingdigest.co.uk/



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