These questions and answers will help you avoid paying more
than necessary charges
I have been late making a repayment or I have not
been able to make a full balance, what should I do?
Credit card companies will immediately start adding interest,
sometimes going back to the date of the transaction, and will
keep adding interest every day it is not repaid. To increase
the amount of interest you pay some credit card companies
will use your late payment to repay the most recent transactions
first. As such, even if you are only a day late you can attract
a large interest charge.
To reduce these charges as much as possible take the following
Stop using the credit card immediately
Call the credit card company and find out
what the current balance i.e. including all the transactions
up to that date.
Make a payment for the entire balance plus
a bit to allow for any transactions that have not gone through
Don’t use the card again until you
have received a statement with a 0 balance.
You will incur some interest but the above steps will you
minimise these costs
I have built up a balance and I am not able to repay
it for a while, what are my options?
Firstly you can take advantage of an interest free or low interest
balance transfer option as a short term solutions. Longer term
solutions are to consider cheaper forms of borrowing such as
personal loans or adding it to your mortgage. You need to carefully
consider your options as each of these will have advantages