Avoiding High Credit Card debt Payments
Research by Money Supermarket suggests a missed credit card payment could cost upto £300.
It is increasingly popular for consumer to switch their credit card debt between different companies. This is something known as "Rate Tart" - always moving your debt to lowest interest payment. However if you miss a payment you could be automatically moved from the 0% introductory offer to the standard AVR, which could be upto 17%. ALso you may be charged a penalty for a missed payment. In order to avoid this it is best to set up a direct debit to pay minimum off each month and also try to pay some extra each month.
It is increasingly popular for consumer to switch their credit card debt between different companies. This is something known as "Rate Tart" - always moving your debt to lowest interest payment. However if you miss a payment you could be automatically moved from the 0% introductory offer to the standard AVR, which could be upto 17%. ALso you may be charged a penalty for a missed payment. In order to avoid this it is best to set up a direct debit to pay minimum off each month and also try to pay some extra each month.
Labels: credit card, personal finance
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