Hi everyone,
Just a quick query - I was always under the impression that if you had a credit card and part of the balance was at 0% and part at say 18%, that the credit card company would allocate your payment to the cheapest debt first....
But Im just reading my HBOS statement and it says payments will be allocated to the higher interest rate first.
So my question is, has it always been like this and I am just mistaken, is it a new ruling that I didnt know about, or is it just unique to HBOS?
Just a quick query - I was always under the impression that if you had a credit card and part of the balance was at 0% and part at say 18%, that the credit card company would allocate your payment to the cheapest debt first....
But Im just reading my HBOS statement and it says payments will be allocated to the higher interest rate first.
So my question is, has it always been like this and I am just mistaken, is it a new ruling that I didnt know about, or is it just unique to HBOS?