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BBC Three Counties Radio - Johnathan Vernon-Smith 2/8/18

Thursday, 2nd August 2018

Mike ThomasMike Thomas founder of DebtWizard.com was talking to Johnathan Vernon-Smith on the impact the Bank of England interest rate rise could have on consumers with credit card debt and those already in some form of debt solution such as Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA).

Mike explains how any interest rate rise could make monthly payments in an agreed payment plan to creditors come under strain and offers information on what can be done to help those affected.

Jonathan then asks Mike about the benefits of 0% interest balance transfer on credit cards and how these can be a good thing, can't they? Mike surprises Jonathan with his reply and warns why these are under review by the regulator as they do not work well for everybody.

Mike then slips in the actual cost to the credit card borrower for every £1 they have on their credit card when they make just the minimum payments each month. It's a real concern and all credit card borrowers should be aware of the sums involved.

How to listen

Now on the BBC i Player

The actual topic starts at 1:42:00 but for Mike's slot mover the timer to 1:49.38 - 1:54:31 (4 mins 53 secs)

BBC Three Counties Radio with Johnathan Vernon-Smith Thursday /8/18 (for 30 days)

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