Pay the Price for missed Credit Card payments

7/21/2007

According to latest credit card news people could pay as much as £278 by just missing one payment one their zero percent balance transfer credit card. These figures have been calculated on average figures on holders cards.

Many people don’t realize the knock on effects of missing even a single payment on their credit card. Some credit card companies will retract any benefits that were offered and more importantly your personal credit rating score can be tarnished.

There serious and long term impact of a bad credit rating can be devastating and costly. There is possibility that you may not be able to buy items on credit such as, zero per cent offers and mortgages rates could be high due to your bad credit rating.

The research that was undertaken by Moneysupermarket.com who mention there in fact 31 credit cards in the market that penalise for missing payments, they all ensure the cards holders APR is changed to the current typical rating. Credit card holders should be a little more careful and it has been advised for them to set up direct debit to cover monthly payments. It is also recommended to make over payments to reduce the debt quicker and avoid unnecessary interest rate charges.