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Britons waste £150m in credit card charges

UK consumers are collectively wasting £150 million a year through late credit card payment charges, according to new research.

A study by comparison website confused.com has revealed that 57.5 per cent of credit card customers don't have a direct debit in place to make the minimum repayment.

This makes them more liable to an average late payment charge of £12, which contributes to the overall UK credit charge bill of £150 million.

Over a quarter (26 per cent) of credit card holders have been charged at least once in the last year for missing a payment, while 8.5 per cent have been charged three times or more.

Alex Higgs, commercial analyst at confused.com, said: "As well as late payment charges, many credit card holders are likely to have lost out on attractive introductory deals or low interest rate offers as well.

"These deals are often withdrawn if minimum payments aren't met, meaning more money is wasted as they are reverted onto higher rate deals."

Mr Higgs advised consumers to set up a direct debit as missing minimum payments can also adversely affect customers' credit profiles and hinder their chances of borrowing finance.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800057775-ADNFCR



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