What is persistent debt?
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The UK financial conduct authority (FCA) has set out new rules to help customers in persistent credit card debt. You are considered to be in Persistent Debt if you have paid more in fees and interest than you have repaid of your borrowings over an 18 months period. Customers in persistent debt are contacted and encouraged to make higher repayments as doing so will reduce their over-all cost of borrowing, reduce their repayment period, and prevent future loss of use of their credit card. For more information please visit the FCA website.
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