Nationwide Issues £391 Warning to Credit Card Customers Amid Cost of Living Crisis
Nationwide Issues £391 Warning to Credit Card Customers Amid Cost of Living Crisis
Nationwide, the UK’s largest building society, has issued a warning to every customer who has a credit card, stating that the cost of living crisis is placing unprecedented strain on peoples’ finances. According to Nationwide, on average, those with a credit card are repaying £391 per month, while repayments to car finance are £267 and personal loans £195.
However, there is some good news amidst the financial challenges. Nationwide has confirmed that inflationary pressures are easing this week, which may put some individuals in a better position to further reduce their outstanding debts. The building society has also launched a cost-of-living helpline (0800 030 40 66) last August, staffed by dedicated, trained experts across Nationwide.
Mark Nalder, Nationwide’s Payments Strategy director, explained, “Many households have turned to credit as a way of dealing with rising prices. While some are using it to spread the cost of luxury items, such as holidays, others are relying on credit to help pay essential bills.”
Nationwide aims to answer calls within ten minutes on their helpline, which is available from 8am-8pm Monday – Saturday. Frontline colleagues are providing cost-of-living help for customers in branches or on the telephone, while trained experts offer face-to-face, telephone, and video appointments.
Nalder added, “As much as some people will be relying more on their credit cards and loans at this time, a notable fall in essential costs such as energy bills and supermarket spend means others will be using the opportunity to repay more debt while they can. We would encourage anyone struggling with debt or worried about their finances to get in touch as we offer a range of tailored support for those facing financial difficulties.”
In light of the current financial challenges facing many individuals, Nationwide’s warning serves as a reminder to seek help and support if needed during these tough times.
