More than five million people have missed credit card payments in the last six months, new research has shown.
The study, conducted by YouGov and MoneyExpert.com found that 11 per cent of credit card customers had missed a payment in the six months to December 21st 2007.
It also revealed that the number of people missing payments had increased to 5,093,044 when compared to the previous six months.
Sean Gardner, chief executive of MoneyExpert.com, said: "Missing a credit card payment comes at a financial cost of £12 a time but there are other factors to consider. The effect of a payment can last as long as three years on your credit file ."
He added that missed credit card payments may affect a person's ability to get mortgages, personal loans and other financial products in future.
Research by Sainsbury's Bank estimated that 18 per cent of Christmas spending was placed on credit cards.
News Side
Millions miss credit card payments
Tue, 29 Jan 2008
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