Debt problems – late payments

New data released this week shows how debt problems are causing people in their droves to miss payments of household bills all too often.

Its believed as many as eight million people across the UK failed to make at least one payments last year.

Price comparison site moneysupermarket.com finds that its credit card repayments thats the UK's most avoided bill.

And UK consumers are gambling with their credit profiles by missing these payments, which could lead to greater debt problems in the months and years to come.

Alarmingly, almost four million Brits say they missed credit card repayments last year.

And its Londoners who are the worst offenders, with 11 per cent saying they've missed credit card payments – with a mere two per cent of Northern Irish borrowers admitting they'd done the same.

Late payment can further compact debt problems due to fees.

Meanwhile, money saving perks such as promotional rates on interest-free balance transfers can also be lost.

Debt expert Kevin Still says "On the bright side, there were just under 31,000 personal insolvencies in England & Wales in the fourth quarter of 2010.

This was a decrease of 13.6% on the same period in 2009, with Individual Voluntary Arrangements (IVAs) down by 5.4%".

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