- Tuesday, 15 December 2009More than two-thirds of people trying to clear credit card debt would like the see the government force providers to pay off customers' most expensive debt first.
This is according to a new poll by Nationwide Building Society, which also revealed that 38 per cent of credit card holders would be angry on discovering that their credit card provider initially pays off the cheapest debt.
A further eight per cent said they would be shocked, while ten per cent would be surprised if this is the action their provider was planning to take.
With
IVA help a consideration for people trying to clear debt, the poll also revealed that 63 per cent of credit card customers do not know the order in which their repayments are allocated.
Chris Rhodes, Nationwide's product and marketing manager, warned that consumers "still don't understand this issue" and are being penalised as a result.
"Further transparency will simply not work. This is a fairness issue and a positive order of payments is now the fairest way forward for consumers," he commented.
Yesterday, Moneynet.co.uk warned that those looking to clear debt should be wary of overspending this Christmas.
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