Millions of people across the country are struggling to deal with their debt management demands and more than four million credit card repayments have been missed in the last half-year, according to MoneyExpert.
Figures from the financial comparison firm show that penalty fees incurred by consumers facing credit card debt were worth a total of £50 million over the last six months and close to 700,000 payments are missed each month.
“Anyone in trouble needs to take action now because the situation will only get worse if they bury their heads in the sand,” said Sean Gardner, MoneyExpert’s chief executive.
“They need to get their debts under control and cut their spending,” he added.
Research by Alliance & Leicester recently showed that thousands of UK consumers are adding to their debt management burden by using their credit cards to fund trips abroad.