People who miss a credit card payment could be at risk of falling into debt difficulty as it has been revealed that significant interest can be accrue…
People who miss a credit card payment could be at risk of falling into debt difficulty as it has been revealed that significant interest can be accrued.
New research conducted by moneysupermarket.com has shown that missing a payment or being late with the transaction could cost a person hundreds of pounds.
They may also miss out on their interest free benefit as a result.
Peter Harrison, credit card expert at the website, advised individuals to set up a direct debit for minimal repayments on the products they take out.
The expert noted: “They will not only receive a late payment charge, but could also lose their zero per cent deal.
Paying off more than the minimum amount when possible can help to reduce the debt more quickly, he added.
Chris Tapp, director of Credit Action, recently stated that government legislation proposals to combat credit card debt were not doing enough to tackle the problem.
By Joe Shervin