Late payment charges soar on Credit Cards

 

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In the past three years credit cards have put up their charges for late payment by as much as 40%*. Customers who breach (online car insurance) their credit limit, pay late or bounce a cheque paying their account, now face an average charge of £22 each time they do so. (mortgage quotes)

The average value of a bounced cheque has risen by 37% during ( insurance ) the year to October 2005 and now stands at £22.68. The average value of a late payment has risen by 38% during the year to October 2005 and now stands at £20.93 whilst the average breach was £22.79 up 40%.

All this will add fuel to the investigation being [ medical insurance ] carried out by the Office of Fair Trading who is looking at charges being levied by credit cards. (mortgages)

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