10% of the UK population paid additional charges last year, as research reveals that nearly five million credit card holders have had to pay penalties on their credit cards!
MoneyExpert reports that these charges were most commonly down to making late payments or going beyond their credit limit. Chief Executive Sean Gardner commented that: “A single late credit card payment can cost as much as £35, so it is worth handling your finances well.”
The study also showed that 4.5 million are planning to change their credit card provider at some point during the next next, but many do not know how to find the best deal to suit them. Mr Gardener added: “It is worrying that so many people do not feel adequately informed about their credit cards… You shouldn’t even consider taking out a financial product if you don’t feel you fully understand what you are buying.”
If you feel as though your finances are getting out of hand and that penalty charges are becoming a common occurrence, Harrington Brooks might be able to help you. We have a fully trained team who can help you with all matters regarding debt.