Millions of Brits miss credit card payments

January 11, 2008 by admin  
Filed under News, News-Credit-Cards

Approximately 5.5 million credit card customers missed payments in the last year according to research from Moneysupermarket.com.

The findings revealed that 13 per cent of spenders skipped a bill payment while credit card payments are the most likely to be missed with seven per cent going unpaid.

Steve Willey, head of credit cards at moneysupermarket.com, said: “Close to three million credit card holders will have paid out over £35 million between them in penalty fees.”

“But it is the damage to their credit rating that is more costly to them and to the other 2.5 million consumers who have missed payments elsewhere,” he added.

Credit card bills are the most likely debts to be missed by those aged 25, while the 25 and 34 age group also proved the worst at repaying with 12 per cent of respondents not keeping up to date.

The 18 to 24 age-group are most likely to miss mobile phone payments.

Meanwhile Moneysupermarket.com has also warned that specialist insurers can be the most expensive insurance agents.

Tags: Steve Willey, bill, group, cellular telephone, Credit Cards, Credit card holders

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