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Brits waste £150m on credit card fees

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22/07/2010
Research carried out by comparison website Confused.com reveals that 26% of all credit card users have been charged for late payment of their bill at least once in the last 12 months.

Nearly one in 11 (8.5%) have been charged three or more times in the same period. The average charge for late payment us £12.

Confused.com’s research also indicates that 57% of cardholders do not have a direct debit set up to automatically pay off the minimum balance they owe each month.

 “Collectively we’re wasting millions of pounds each year on these charges, money which would be better spent elsewhere in these tough financial times,” said Alex Higgs, spokesperson for the price comparison site.

“Setting up a direct debit to make a minimum payment on a credit card is such a simple thing to do, yet well over half of credit card holders haven’t done it,” he added.

“We would encourage anyone without a direct debit set up to get one in place.
“Not only will this save money on charges and help contribute to a healthy credit profile, it will allow money that would have been spent on charges to be used to repay more than the minimum amount, saving more money as interest charges are reduced.”

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