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.