Banks ordered to freeze credit card interest for needy borrowers

Banks ordered to freeze credit card interest for needy borrowers

Banks ordered to freeze credit card interest for needy borrowers

As millions more register for unemployment benefit in the UK and US, the FCA tells banks to freeze interest on credit cards and overdrafts for struggling borrowers without affecting their credit rating.

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Measures proposed to help borrowers in difficulty include:

  • Three-month repayment freeze on loans
  • Temporary freeze on credit card and store card debt for up to three months
  • Zero interest for three months for up to £500 for customers affected by coronavirus using an arranged overdraft for up to three months

In this Money Tips Podcast episode:

  1. Learn top tax tips for property investors in a free webinar tonight
  2. Stock markets continue falling after suffering the worst quarter since 1987
  3. Dividends cut or suspended by banks and blue-chip companies
  4. After interest cut, mortgages have gone up – if you can get one!
  5. Tax Year end looming – top up ISAs to claim tax free allowance
  6. Use your pension allowance and find your “lost” pensions
  7. 10 things you can do to thrive during Covid 19 isolation

UK Government Business Support Helpline (England)
Telephone: 0300 456 3565 Monday to Friday, 9am to 6pm

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By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

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