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February 2008
Credit Card Companies Collect £61 Million In Fees

More than 5 million people have missed monthly credit card payments in the past six months according to recent research, a 2% increase over the previous six months.

Credit card companies charge approx. £12 each time a payment is missed and it is estimated that they have made around £61 million, an increase of £11 million from the January to June 2007 period.

With rising interest rates, petrol prices and energy bills people are beginning to struggle with their spending and need to try and get their debts under control. Many people do not realise that missing a credit card payment comes at a financial cost of £12 but also the missed payment can remain on credit files which are used by lenders to ascertain whether future requests for credit can be approved.

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Article referenced from http://www.fairinvestment.co.uk/credit_cards-news-Credit-card-firms-pick-up-61million-in-fees-thanks-to-missed-payments-1089.html

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