British card holders fall deeper in debt wasting £150 mn on credit card fees

According to the latest, study from Confused.com, every year Britons waste £150 million on late payment credit card charges.

The research thus found, that over 25% credit card holders have been charged at least once in the last 12 months for late payment.

About 8.5% have been charged three or more times in the same period. At an average of £12, late payment charges can quickly stack up.

Meantime, Beatmydebt.com representative warns people are falling deeper into debt. He claims, Credit cards can be an extremely useful but they must not be mistaken for free money. Thus, he advises people to think more carefully about using a credit card, if they are unable to repay what they have borrowed at the end of the month.

Meanwhile, 57% of credit card holders do not have a direct debit set up to pay off the minimum amount. Confused.com encouraged credit card holders to rectify this.