New changes mean you could soon have your credit card suspended or cancelled in February.
Credit card companies were told in 2018 to identify customers who only make the minimum payment every month and then encourage them to pay more as part of an effort to tackle debt.
Under new rules from the Financial Conduct Authority (FCA), those who have taken no action could see their accounts suspended or closed, Coventry Live reports.
An estimated 5.6million credit card holders are said to be struggling with debt and some were given 18 months to increase their payments.
Citizens Advice Scotland financial health spokesman, Myles Fitt, told the Sunday Mail : “Some people who have not been paying off their credit cards may be in for a real shock in the new year if they have been ignoring persistent debt letters coming through their letterboxes.
“These changes will help some people to pay off their debts quicker but we’re concerned about people who are forced to live in persistent debt because of insecure incomes in the first place.
“These changes could be a real problem for people who are unable to come to an arrangement with their credit card lender and this may trigger an increased demand for help with debts.”
Anyone who had been in persistent debt for 18 months was given another 18 months to increase their payments.
Firms must then offer alternative ways of repaying more quickly, usually over a period of three to four years. These could include transferring a credit card balance to a personal loan with lower interest.
The deadline runs out next month. Anyone at risk will have been sent at least three letters with information on how to reduce debt by increasing payments or taking out a loan.
For the latest news in and around Bristol, visit and bookmark Bristol Live's homepage.
You can follow us on Twitter here and on Facebook here and here.
You can also join our traffic and travel, crime and parenting Facebook groups.
