May 18, 2005
SMS solution to credit card debt
According to a survey commissoned by mobile payment technology provider Upaid, three quarters of UK adults believe the ability to authorise payments of credit card bills via text messaging would give them more control over their finances. finextra reports.
"Ashley Ward, CEO of Upaid, says: "Our survey shows that credit card users are aware that paying by the minimum amount can cause long term debt but they don't have a simple enough mechanism to adjust their payments each month."
The research coincides with government plans to introduce a consumer credit bill which would force credit card companies to better warn customers of the risks of repaying only the minimum monthly amount. "
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