Study: Credit card delinquencies widespread in the UK
By UK CreditCards.com
It is easy to miss a payment on your credit cards. Changing your bank account and skipping a direct debit, failing to post a cheque payment in time or simply forgetting to make a payment can lead you to accidentally miss a card payment deadline.
And now, research has discovered that missing payments on credit cards is a widespread issue. 8 million Brits missed a regular monthly payment in 2010 on everything from council tax bills to credit cards, say researchers.
Nearly 4 million Brits were guilty of missed credit
card payments last year
Nearly 4 million Brits admitted to missing payments on their credit cards last year, whilst 1.5 million confessed to failing to pay their mobile telephone, council tax or electricity bill.
Experts say that this is bad news for consumers. Missing a payment can impact heavily on your credit rating. The Daily Mirror recently commented, "Missed payments will leave a mark on credit reports, which lenders use to determine whether or not to give out loans, credit cards and mortgages."
If you've missed several credit card payments, you can still repair your score
If you have damaged your credit rating by missing payments on your credit cards, there are ways to repair your credit standing. A credit card for poor credit, for example, is specifically designed for applicants who have a less than perfect credit history and can help you improve your score.
By making regular, timely payments to one of these cards, you can demonstrate to lenders that you are capable of responsibly managing credit. This will improve your credit score, and it will make it much more likely that you will later be approved for further borrowing.
Be careful, however, about the fees attached to these cards. Credit cards for poor credit often feature higher rates and fees that can lead you even further into debt.
Published: 29 March 2011
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