Martin Lewis warns Barclaycard ‘under radar change’ could ‘double’ debt

Martin Lewis has warned a Barclaycard “under radar change” could “double” your debt.

Barclaycard will be reducing minimum monthly credit card repayments, meaning people will be able to pay back less per month, from 22 July.

However, on his Martin Lewis Podcast, released today (25 April), the financial guru claimed the change is “a huge danger signal” and says most customers will wrongly “ignore it”.

Mr Lewis calculated that under the changes, a person paying the minimum balance of a £1,000 debt would take 19 years and three months to pay back instead of nine years and eight months and would rack up £1,655 in interest instead of £699.

A Barclays spokesperson said: “Customers will benefit from a reduction in their minimum monthly repayment and the vast majority have no change to APR, while some will receive a decrease.”