|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Thursday 28th of May 2009
January 30, 2008

Credit card firms profit hugely due to missed payments


by Kay Murchie
”Credit

With credit companies charging approximately £12 each time a consumer misses a payment, it is anticipated they have made roughly £61million.

Research from MoneyExpert has established that over 5 million people have missed monthly credit card payments in the last 6 months - a 2% increase on the previous 6 months.

Sean Gardner of MoneyExpert said there are other aspects to think about when missing a credit card payment, not just £12. The effect of a payment can last as long as 3 years on your credit file and it will be used by firms to decide whether they’re going to lend you cash and what they’re going to charge.

With the credit squeeze ongoing, increasing interest rates, petrol prices and energy bills, people are really starting to struggle and those spiralling towards debt need to take action immediately or risk further penalty fees and, ultimately, damage to their credit rating concluded Mr Gardner.

Discuss this in the Finance Markets forums

Story link: Credit card firms profit hugely due to missed payments


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags:

 

Previous: « Competition Commission exposes banks’ huge profits from PPI
Next: Retail sales growth slows in January »

Visited 1443 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment