Repayments causing credit card account closure

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Repayments causing credit card account closure

Thu, 19 Nov 2009

New research from Confused.com has shown that one-in-five credit card and personal loan accounts in the UK are being closed because repayments are not kept up.

This figure is worse for certain regions, particularly Yorkshire, according to the report, which revealed that 35 per cent of people in the northern county have seen their credit card accounts shut down when they failed to pay the bills.

The north-east and East Anglia were found to have the most dutiful credit account holders, with only eight per cent of closed accounts caused by repayment problems in both regions.

Joanne Garcia, head of credit cards at Confused.com, said: "Credit card users in all regions need to understand how damaging it can be to miss repayments. If [credit card providers] see a history of non-payments it makes it much more difficult to borrow money ."

Price comparison site moneysupermarket.com recently conducted research that suggested Brits are planning to delay paying back existing debt on their credit cards for another six months.