According to new statistics from price comparison site MoneyExpert.com, as many as eleven per cent of credit card consumers in the UK have skipped a payment in the last six month period.
The research indicates that as many as 5.1 million people missed their payment dates, a significant increase on previous data. The findings indicate how stretched people are financially, with the credit crunch really hitting home.
The news accompanies Money Expert data that shows a surprising percentage of people also missed their mortgage repayments . The charge for missing a credit repayment means that credit card companies are making significant sums from the late payments.
The chief executive of MoneyExpert, Sean Gardner, reportedly commented: "Debt worries have shot up the agenda as people start to count the cost of the UK’s borrowing spree over the past few years. With even the Church of England offering debt advice from the pulpit under its Matter of life and debt campaign it’s clear many people are living on a prayer and hoping for interest rate cuts to get them out of trouble."
10 per cent miss a credit card repayment
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10 per cent miss a credit card repayment
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