You are here: Home - Credit Cards & Loans -

Credit card defaults cost £300 on average

Written by:

The average credit card holder forks out £300 for missing a single monthly repayment, according to

It found that about two-thirds of cards offering a 0% introductory rate will automatically move to a higher rate if a repayment is missed.

The comparison website says many people are unaware of these severe penalties.
Rob Kenley, head of credit cards at, advises cardholders to set up a direct debit to ensure that they do not miss a monthly repayment and incur extra interest costs.
“To avoid missing any payment it is vital people set up a direct debit to repay the minimum sum required each month against their balance,” he said.
“They should also make additional payments whenever possible.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Investor demand on the up

 Investor and occupier demand has continued upwards despite last month’s interest rate rises, according to a survey by the Royal...