CREDIT CARDS
Late Payments Charges at Risk due to Short Week
The short week due to the back-to-back bank holiday weekends may affect up and coming payments. Consumers are being advised to consider other options to prevent receiving late payment charges on credit cards and loans.
The Payments Council is urging customers to check the timescale of important bills, invoices or debts they may be required to settle this week to make sure they do not miss the payment deadline due to the short week.
The last two weeks has meant between Wednesday 20 April and Monday 2nd May there are only five working days, as Good Friday, Easter Monday, the Royal Wedding and May Day has meant the nation will enjoy two four day bank holiday weekends this month.
“It is unusual to get so many bank holidays in such a short space of time so it makes sense to think about what bills and invoices you might be due to pay in the next two weeks,” said Gary Hocking, Payments Council, acting chief executive.
“With a wider range of payment options available to us than ever before, taking five minutes to check up on your ways to pay can help you make sure that you aren’t affected.”
Late Payments and Bad Credit History
For consumers trying to improve their credit rating, late payments on any credit card or loan will hit this hard and make it harder for these consumers to access credit in the future.
For those who want to make sure they pay their bills on time, the Payments Council advises checking to see if there are faster payment options to use as an alternative to your usual payment method.
Those who have a direct debit set up do not need to worry as your account should be automatically debited on the nearest day to when the money is due so you never miss a payment deadline, even though direct debits are not usually processed on bank holidays.
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