Halifax - Intelligent Fines

If you've enjoyed the festive season and overindulged, and you're at over 90% of your Credit Limit on your Halifax Credit Card - then beware.

You might not have noticed but the Minimum Repayment and your Direct Debit has dropped to 1%.

Since the Monthly Interest Rate is still over 2%, your debt is increasing even if you never use the Card. After a couple more months you'll be at your Credit Limit - then when they take your Direct Debit and add on the next months Interest you'll be over your Credit Limit, and they'll charge you an extra £12.

Next month - same again - a nice little money spinner bringing in £100 a year in additional Fees.

If you're lucky, you might find another Credit Card company willing to allow you to do a Balance Transfer and tell Halifax where to go. But don't delay - because those Overlimit transactions have now been notified to Experian & Equifax, your Credit Rating has been blighted for 2009, and no-one will supply you with alternative Credit.

Happy New Year!