Millions of credit card users ‘missing payments’

Posted 2008-01-9

Millions of Britons are damaging their credit rating by missing payments, with 5.5 million doing so in 2007, according to reports.

Research from price comparison site Moneysupermarket.com has revealed that 13 per cent of bill payers skipped a payment last year, including millions of credit card holders.

In fact, credit card bills were the most likely to be avoided, more than electricity, internet, mobile phones loans and satellite TV put together.

Steve Willey, head of credit cards at the website, said: “Consumers may feel by missing a payment theyre saving a few pounds but in the long run, missing the occasional payment will affect your credit rating as lenders assess your overall ability to repay on a regular basis.

“Its vital consumers do everything they can to protect their credit rating and this means keeping payments up to date.”

He added that a poor credit rating stays with consumers for “a long time”, making it vital to keep on top of all payments.

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