Warning over credit card repayments

IT would take a credit card user with a €2,000 bill more than 15 years to pay off their debts by opting for the minimum repayments every month.

They would also incur an extra €2,423 in additional interest payments over this time.

However, credit card users who overpay the minimum payments on their credit cards by just a small amount can significantly reduce their borrowing costs, according to Frank Conway, a director with moneycoach.ie.