Credit cards users 'should set up direct debit'

Thursday, 17 February 2011 05:06

Consumers have been told they are wasting £150 million per year on unnecessary late credit card payment charges.

This is according to research conducted by Confused.com, which shows that 57.7 per cent of credit card customers do not have a direct debit in place to make the minimum repayment on their credit card each month.

It notes this makes them liable for a late payment charge, which costs an average of £12 per time.

Chris Griffiths, head of credit cards at Confused.com, stated setting up a direct debit to make a minimum payment on a credit card "is such a simple thing to do, yet well over half of credit card holders haven't done it".

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