8 million Brits failed on at least one bill payment in 2011

13/02/2012

Eight million Brits failed to make at least one bill payment during the last 12 months, according to research conducted by Moneysupermarket.

The most common payments to be skipped or missed were credit card bills, as three million people missed a payment over the past year. According to the comparison site, one in six people failed to make a payment for at least one bill during the past 12 months – a figure equating to eight million individuals.

Kevin Mountford, Head of Banking at Moneysupermarket, said: “Our research shows there’s still a worrying amount of Brits potentially damaging their credit rating by failing to pay their bills on time, with credit card bills being the most missed.”

He added: “A late or missed payment on a credit card bill not only impacts your credit profile, but will also lead to the loss of promotional rates on the card, which can be a costly mistake.”

The second most commonly missed bill was council tax – with nearly two million Brits delaying their payment. Other bills that were missed or delayed in 2011 were mobile phone bills, personal loans, broadband, electricity, gas, and Sky TV.

“It is important that people are clear on what could damage their credit profile to make sure they don't get caught out simply by not knowing,” Mr Mountford continued.

“The majority of household bills and government related fines and payments aren't recorded but contract mobile phone payments are, so it can be very easy to get caught out by not paying bills on certain products, especially if you are not aware of the consequences of your actions.”

Tags; Current UK Economy, Debt Management and Banking,