Interesting Consequences to Missed Payments
– Pushpa Sathish, Staff Writer
Credit card usage remains at an all-time high ? UK payment association Apacs reports that ?11.4 billion was spent in the UK in December 2006 ? but information and common sense relating to their use are at rock bottom. Most consumers are unaware of the basic facts that will prevent them from sinking into the blackholes of debt, even though they use their credit cards a lot.
For example, did you know that even one missed repayment could end up costing you a lot more in interest charges alone? And if you?re one of the lucky ones enjoying a zero percent balance transfer, you?d better make sure you meet those payment deadlines. Or you?ll be left holding a debt repayable at the standard APR ? sound advice from Rob Kenley, credit card head at moneysupermarket.com. The price comparison site estimates that one miss can end up costing you as much as ?278.