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Are you complaining that they're required to service the more expensive (to you) debts first? Why? UK banks used to have a god racket (don't know if they still
by eftpotrm 15y ago
Are you complaining that they're required to service the more expensive (to you) debts first? Why?
UK banks used to have a god racket (don't know if they still do, don't read the relevant blogs) where they'd offer 0% balance transfer cards but with expensive purchase interest. Then, any payments you made went to paying off the oldest debt first (on which you were paying 0% interest) leaving the purchases quickly gaining high interest payments.
- cperciva 15y agoNo, not complaining. (It doesn't affect me anyway; I never pay any interest.) Just observing that in Canada the rules work to the advantage of consumers and the sky hasn't fallen yet.
- ralph 15y agoI think the UK is now like Canada; payments to the card issuer must now be offset against the dearest loan first.