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Capital One boss tells youths to pay-off credit cads monthly

20 October 2004
Fergus Brownlee, chief executive of Capital One, has said that young people should do their best to pay-off the entire balance on their credit cards each month.

He was speaking to the Treasury Select Committee, a group of MPs currently investigating the credit card sector.

Mr Brownlee said following certain advice on promotional leaflets, and only paying the minimum payment, could see the amount borrowers owe increase, as a result of interest being paid on the remaining debt.

"A young person, 18 to 21 years old, should not even be getting into the product unless perfectly capable of repaying in full every month," he asserted.
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