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More than half of Brits 'risking late payment charges'

By Sarah Engle, Thu 15 Jul 2010 - Published in Credit Cards

Brits could be wasting more than £150 million each year on late payment charges, it has been suggested.

Research by Confused.com found that 57.5 per cent of credit card users have not set up a direct debit to pay their minimum balance each month, leaving them at risk of missing a payment deadline.

The survey also showed that 26 per cent of those with credit cards have been billed for missing a minimum payment at least once in the last 12 months, while 8.5 per cent have faced a fee at least three times.

In addition, the poll found that 1.2 per cent have missed a payment ten or more times in the past year, paying an average of £12 per time.

Alex Higgs, commercial analyst at Confused.com, said: "Setting up a direct debit to make a minimum payment on a credit card is such a simple thing to do, yet well over half of credit card holders haven't done it."

The Department for Business, Innovation and Skills recently revealed that people will be able to view their Experian, Equifax and Callcredit statutory credit report over the internet for just £2.