New research has found that more than one in six Brits missed at least one credit card bill in the last 12 months. But each missed payment could lead to grave financial implications.

By Ed Towner

Credit card payments have topped a list of bills Brits have missed, closely followed by council tax, according to new analysis, which also shows one in six adults missed paying a bill in the last 12 months, putting their credit scores at risk.

The survey by MoneySupermarket.com revealed that 7% of credit card holders missed a bill last year, whereas 4% of people missed a council tax payment. Others on the list include mobile phone, personal loans, broadband, Sky, gas and electricity bills.

Many consumers are expected to apply for personal loans and credit cards this year which can only be a worrying trend for those missing payments as this could lead to debt, as well as missed bonuses.

For example, not paying the first payment on a 12-month 0% credit card would cost the cardholder an additional £300 in interest over the year, if moved onto an average credit card rate of 17.29%.

Paying your bill on time is essential and the easiest way of not missing a payment is to set up a monthly direct debit for the minimum amount - although this means it would take you longer and cost you more to clear the debt. Try to clear the whole amount as soon as you can.

Kevin Mountford, head of banking at MoneySupermarket.com, says: "There's still a worrying amount of Brits potentially damaging their credit rating by failing to pay their bills on time, with credit card bills being the most missed."

"A late or missed payment on a credit card bill not only impacts your credit profile, but will also lead to the loss of promotional rates on the card, which can be a costly mistake."

This news comes as we revealed that last year saw a 5% drop in credit card borrowing and card circulation was down by a million.