Credit card difficulties could impact on mortgage repayments
According to one industry official the difficulties that many consumers may now be facing in securing a more affordable deal on their credit card could eventually impact on their ability to meet other financial obligations, which in some cases could include their mortgage.
The global credit crunch has taken its toll in all finance areas, including the credit card sector, and credit card providers have become much tougher with regards to who they will lend to, what sort of deals they offer, and what sort of credit limit that will be able to consider.
Officials have warned that consumers hoping to save money on their debts by transferring to a 0% balance transfer credit card could find that their options have been severely limited unless they have excellent credit.
These cards have become very popular over recent years, enabling those with debts on high interest credit cards to transfer the debt and save on interest. However, the limited choice and increased stringency stemming from the credit crunch means that some consumers may no longer be able to consider this as an option.
One official stated: “If people can’t afford their non-priority debts anymore sometimes they’ll stop paying their mortgage as well. It’s definitely having a knock-on effect. Although people with a positive credit history may still find that the choices they can make have not been limited to a great extent.”
Other recent reports have shown that both standard and balance transfer credit cards have seen interest rates hikes over recent months despite the base rate cuts, and many 0% balance transfer deals have now stopped offering capped transfer fees, which means that consumers may have to pay far more for the privilege of transferring their balance depending on how much they intend to transfer in total.
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