Beat Credit Card Charges

Spending on credit cards is an increasingly popular way of borrowing money, but it is rarely cheap and charges for missed and late payments can really add up. The most important aspect to managing your credit card debt is to always pay your bill on time – clearing the minimum payment at the very least. However, if at all possible you should pay more than this so you’re charged as little interest as possible.

Setting up a direct debit and making sure there’s enough cash in your account to cover it is the best way to do this.

The Cost of Missed Credit Card Payment

A missed credit card payment, whether it’s for £1 or £100, can cost you up to £30 a time. Your credit score can also be damaged, limiting your ability to borrow in the future. If you run out of money before your direct debit is scheduled to go out or when your bill becomes due, you may need to look into short-term borrowing options. A payday loan could help you cover the credit card payment, avoid bank charges and keep your credit rating clear.

There is an interest charge for payday loans but it is often cheaper than the fees related to unauthorised borrowing and as long as you pay the loan back on time in full, it can be good for your credit rating.

You can apply for a payday loan online and have the money in your account within the same day*.