Wednesday 16th of February 2011
People already deep in the red and considering searching for individual voluntary arrangement answers to help improve their lot may find that unnecessarily late credit card payment charges are exacerbating their problems.
New findings from Confused.com have shown UK consumers are wasting a collective £150 million a year on such fees.
The comparison website revealed 57.5 per cent of customers who use this type of plastic have not set up a direct debit to make sure their minimum repayments are met, meaning they could be liable to fines that may stack up over time.
Chris Griffiths, head of credit cards at the portal, said: "As well as late payment charges, many credit card holders are likely to have lost out on attractive low interest introductory deals or rewards as well."
The study comes after Which? recently announced it is to launch a super-complaint against the surcharges many companies impose when people purchase goods on credit cards.
By Neil Burton
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