Credit Card Debt Cycle Revealed
The Financial Conduct Authority (FCA) has revealed that some credit card customers are being charged multiple fees for just one missed payment.
Multiple missed, or late, payments are a sign that a customer is struggling, and credit card companies are making things worse by charging multiple fees: Return payment; Missing a payment; and Over credit limit fees, could all be charged on one single transaction.
The FCA is currently contacting credit card companies to remind them of their obligation to monitor penalties and to ensure that people do not fall into a cycle of credit card debt that could be avoided.
What Happens If you Miss Your Credit Card Payments?
If you fail to repay the minimum credit card payment each month, your creditor will contact you to demand payment. If you still fail to make payment, your account will default and your creditors will take further action to get their payment.
If you are struggling to repay your credit card debt, contact us now and talk to our expert advisers for no-obligation help and advice on how you might be able to get yourself out of debt. There is no fee for our advice, so why not contact us today. The sooner you deal with your problem, the sooner we can help put your mind at ease.
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