British people struggling to meet credit card payments

Fri, 01 Feb 2008

The number of British people who are feeling pressure from their credit card payments is climbing, with thousands missing credit card payments .

The price comparison site MoneyExpert.com conducted a study that found some five million British people have missed their credit card repayments in the last six month period.

Sean Gardner, the chief executive of MoneyExpert.com, reportedly commented: "Missing a credit card payment comes at a financial cost of £12 a time but there are other factors to consider. The effect of a payment can last as long as three 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."

He reportedly continued: "As lending criteria get tougher that will cost you. Anyone in trouble needs to take action now because the situation will only get worse if they bury their heads in the sand. They need to get their debts under control and cut their spending."
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