Did you miss a regular monthly payment in 2010?
If so, you are not alone. Recent research has discovered that a staggering eight million Brits missed a regular monthly payment last year. Late or forgotten payments on everything from credit cards to council tax bills can have a significant impact on your credit rating and so it is vital that you make your repayment on time.
Almost four million Brits missed credit card payments in 2010
According to the new research from a leading financial website, credit card payments were most likely to be missed in 2010. Almost four million Brits admitted to missing a payment last year.
As well as missing credit card payments, respondents to the survey also admitted to missing council tax, electricity and mobile phone bills. 1.5million people confessed to not paying at least one of these commitments in 2010.
Failing to pay bills can affect your credit rating
The Daily Mirror commented on this research by pointing out how significant an impact failing to pay bills can have on your credit rating. The newspaper says: “Missed payments will leave a mark on credit reports, which lenders use to determine whether or not to give out loans, credit cards and mortgages.”
In addition to damaging your credit score, missing a payment could also have more serious repercussions. For example, you may find that your credit card provider withdraws a promotional low interest rate if you miss a payment. This could mean your interest rate suddenly rises sharply, costing you a significant sum.
In addition, not paying your council tax could, ultimately, result in a prison sentence.
The Daily Mirror suggests that ‘if you’re struggling to make ends meet you need to go through your finances thoroughly to see if you can make savings. You could take steps such as giving up non-essential items, or shop around to find the best deal on services such as telecoms and power.’
