Prevent missed and late payments on credit cards
March 29, 2011
There are many people these days that use their credit cards to make payments for all sorts of things, from one off payments and to buy luxury items through to funding every day purchases and even paying bills with their credit cards. Whilst some people tend to repay the balance on their credit cards in full each month, which enables them to avoid interest payments, there are also those that spread the repayments over a period of time, which means that they have to make smaller, monthly repayments on the amount that they owe on the card.
However, for one reason or another there are many people that mess up with their monthly repayments. Some make the payment late inadvertently whereas others sometimes forget to make the payment at all. In both cases this can results in fees and charges being applied by the credit card provider, which can bump up the amount owed on the card. In addition to this it can result in the cardholder’s credit file and credit score being adversely affected because the provider logs the fact that payment was made late or missed altogether.
With today’s busy pace of life many miss or make late payments because they simply forget to make the payment on or before the date required. There are others who do make a payment but fail to meet the minimum repayments because they do not realise how much they need to pay.
According to officials there is one way around this and that is to set up a direct debit to make repayments on the credit card. Doing this can help people to avoid missed or late payments and will ensure that each month at least the minimum repayment is met. This will help consumers to avoid the various charges that are applied by credit card providers and help to ensure that they keep their credit file in check.
Tags: consumers, credit, credit score, cardholder’s credit file, mastercard, scoreJanuary debts lead to missed bills
February 2, 2011
It has been reported that many people have been missing important bill payments in the month of January, as they struggle to make payments on their higher than usual January debts. Over the Christmas and New Year period many people turned to finance such as their credit cards in order to fund purchases that they were making over the festive season. This has now resulted in the financial hangover that comes along every January, where consumers have to deal with the headache of starting repayments on their debt.
For many people the arrival of their credit card statements has resulted in them having to juggle their finances in order to budget for the repayment. Many have not had the disposable income to do this without making cutbacks elsewhere, and in some cases this has meant having to reduce the payments that they are paying on their bills.
According to some officials many households are in such a mess with their debt repayments following the costly festive season that they are having to miss bill payments and cut back on buying basic essentials. Many of the people that find themselves in this situation may end up seeking financial advice about their debts, as they realise how difficult it has become to cope with both debts and bill payments. An official from the Debt Advice Foundation said that January was not a time of year when people borrowed money in order to pay essential bills, and in fact it was quite the reverse.
Tags: Card, credit, Money, basic essentials, bill payments, FinanceHe said: “It’s really the other way around, the debt tends to be racked up in November and December when people borrow money using credit cards, store cards, overdrafts and personal loans, to pay for a Christmas they can’t really afford.”
December Debt Reduced
February 22, 2009
The British Bankers Association, the BBA, announced figures that showed that consumers in December had paid back more than was spent on credit cards, the figure showing as £ 0.4 billion of unsecured borrowing on credit cards being repaid and all this at a time when retailers were bring out heavy discounts in a bid to entice consumers. Read more
Tags: GBP, Credit Cards, credit, need, borrowing, bbaCredit Cards To Hit £ 7 Billion
January 6, 2009
It is thought that credit card holders will be trying to transfer as much as £ 7 billion at the beginning of the New Year in order to take advantage of introductory rates that are that are on offer. Read more
Tags: changeover, credit, Credit Cards, Cards, abbey, 0% introductory offer