Credit card payments sting 4.1 million

Britons have missed some 4.1 million credit card payments in the last six months alone - seeing them stung by almost £50 million in charges.

That is according to new figures from MoneyExpert.com - which show one payment in eleven has been missed in the last six months as interest rates put more pressure on incomes.

Credit card holders are hit with a £12 standard charge for missing a payment and while this is lower than the £25 charged on average last year it is still a significant outlay for a simple mistake.

"This is the latest evidence of how many people are struggling to cope as interest rates start to rise," said Sean Gardner, MoneyExpert chief executive.

"Missing a credit card payment comes at a financial cost of £12 a time and if you are already struggling to meet your monthly bills that will just add to the pressure."

But the initial charges might just be the start of the extra costs.

"The effect of missing one credit card payment can last as long as three years. That is how long the mistake will stay on your credit file and it will be used by firms to decide whether they're going to lend you cash and what they're going to charge," said Mr Gardner.

"Someone with a poor credit rating will be charged more and may get turned down when they want to borrow.

"Anyone in trouble needs to take action now because the situation will only get worse if they bury their heads in the sand. They need to get their debts under control and cut their spending."