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Despite the fact that the worldwide economy is on a slippery slope it seems that less people filed for bankruptcy in the first quarter of 2008 compared to the same period last year. Figures...
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Tuesday 29th January 2008
More Britons have experienced problems meeting credit card debts during the last six months, a new report has revealed.
According to a study conducted by MoneyExpert.com, 11 per cent of Britons missed a credit card payment at some stage in the six months to December 21st.
In the six month period to June 4th last year, however, just nine per cent of those surveyed said they had defaulted on a credit card bill.
The problem appears to be affecting those in the 24-44 age rage worst of all, with 15 per cent confessing to missing a payment.
Sean Gardiner, chief executive of MoneyExpert, said that anyone finding they are struggling with credit card debt should take immediate action to prevent the defaults from causing damage to their credit record.
He said: "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.
"As lending criteria gets 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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