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Government Legislation

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Credit card providers need to allocate payments in a positive way in order to save consumers money, it is believed.

According to new research from Nationwide, people are currently losing out on money as the UK system does not facilitate this.

Consumer finance director at Nationwide Jeremy Wood comments: "We believe the UK should follow the U.S. and make card providers allocate payments in a positive way. Consumers can ill-afford to lose this much money, especially in the current financial climate."

He adds that by clearing debts in a constructed manner, credit card companies can not only save customers money, but clear their debts off in order of importance – a scheme which is not currently seen in the UK.

Earlier this year, Abbey Credit Cards revealed how Britons were needlessly paying in excess of £9 billion in interest every year on their cards, with 69 per cent of people having at least one credit card.

Only 36 per cent of those questioned said they had no existing debt to pay off their balance in full each month.

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