Qualified advisers answering your
Financial Questions
call 0800 092 1245

Defaults on credit cards on the rise

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, 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."

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details