Got my HSBC credit card statement today and I see that I spent £425.24 for the previous month and they are asking for a minimum payment of exactly £12. Usually I bring the card back up to date before they can ask for a payment.
I knew I was low on funds this month (cousin wanted to borrow, paid some student loan, and went to London to watch a Chelsea match amongst other things). Now you know how most people pay only the minimum every month? Well, if I did that they would charge interest of £8.49 a few days later meaning I would have only reduced the balance by £3.51!
Is it me or does this seem like a white collar con? I think I need to ditch and switch.
Some links: Record numbers declaring bankrupt, Bankruptcy rate forecast to rise, Debt defaults knock Barclaycard, Bankruptcies set for big increase
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i am thinking of giving mine up for good.its impossible to have one and not be under debt