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Credit card charges: Britons waste £150m a year on late payment charges

UK consumers are wasting £150 million a year on late credit card payment charges, according to research.

Comparison website has revealed that the 33 million UK credit card accounts are charged an average of £12 for missing a payment, resulting in £150 million worth of fees.

Alex Higgs, commercial analyst at the website, claimed customers will also lose introductory deals, such as low interest rates, if they miss a credit card payment.

"Collectively we are wasting millions of pounds each year on these charges, money which would be better spent elsewhere in these tough financial times," he said.

Around a quarter of credit card holders have been charged at least once in the last year for missing a minimum payment and 8.5 per cent have been charged three or more times in the same period.

The price comparison website also found that 57.5 per cent of those surveyed have not set up a direct debit with their provider to pay off their bills.

Mr Higgs advised consumers to arrange a direct debit to ensure minimum repayments are met.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800004293-ADNFCR

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