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MAKE SURE YOUR MONTHLY REPAYMENTS ON YOUR CREDIT CARD DON’T TAKE YOU FURTHER INTO THE RED

London 3rd July 2007 – Equifax, the leading instant online credit information provider, has always recommended that consumers pay more than their minimum payments to get back into the black as quickly as possible. With the news that several credit card companies are planning to lower the minimum monthly repayment for their customers, Equifax is reminding consumers that continuing to pay the minimum payment is not in their best interests as it will take a lot longer to pay off their debts.

“Although at first, paying an even lower amount back each month on credit cards sounds a perfect solution, taking this option over the long term will actually mean consumers will be in debt for longer and incur more interest” confirmed Neil Munroe, External Affairs Director, Equifax.

“If you plan to leave a balance on your credit card, ideally you should try to switch to a credit card offering 0% interest over 6 to 12 months. Even with a balance transfer fee you could still save money. If you think it will take longer to pay off the outstanding debt, switch to a life of balance credit card where interest is kept at a low rate until you pay off the debt in full.”

Equifax’s Advice for Credit Card and Loan Repayments

  • Prioritising your debt is vital. Secured loans and mortgages should come first. Then list any repayments in order of the interest charged.
  • If you continually only pay off the minimum amount you owe, it will take you far longer to clear your debt and the amount repaid will be far greater in the long run. Pay the maximum amount you can afford each month.
  • Set up a direct debit to ensure that you never miss a payment. This can lead to further charges and damage your credit rating.
  • Don’t try and put money in savings while you still have debts. Most savings account have a lower interest rate than loans and credit cards. There is no point earning 5% interest on a savings account and paying 7% interest on your loan.

* Which? June 2007

END

To arrange an interview with Neil Munroe please contact either Claire Foster, Kate Clements, Elinor Puzey or Louise Fowler at HSL on 0208 977 9132 or email claire@harrisonsadler.com

 

About Equifax

Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses. We are one of the largest sources of consumer and commercial data. Utilizing our databases, advanced analytics and proprietary enabling technology, we provide real-time answers for our customers. This innovative ability to transform information into intelligence is valued by customers across a wide range of industries and markets. Headquartered in Atlanta, Georgia, Equifax employs approximately 4,600 people in 13 countries throughout North America, Latin America and Europe. Equifax was founded 107 years ago, and today is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.  .

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