| All credit cards,
excepting the charge card, the balance of which
must be paid off in full each month, will carry with them a minimum monthly repayment.
The minimum monthly payment will be a particular percentage of your full balance
and will be need to be paid off every four weeks either by direct debit, by post
or over the counter at your local branch. It is important to remember to make
your minimum monthly repayment because otherwise your credit rating could be damaged.
If you are slightly disorganised or forgetful then it might be a good idea to
set up a direct debit arrangement whereby the minimum monthly repayment will be
taken automatically out of your current account.
It is a good idea to pay off as much of your credit card as you can, preferably
taking advantage of the interest free period that will be offered on purchases.
It is all too easy to put off paying off your credit card but it will catch up
with you at a later date, and with accumulated interest charges on top of your
balance.
If you find that, against all precautions, you are having difficulty in repaying
your credit card bill then it is of the utmost importance that you speak to your
credit card provider as soon as possible. They are likely to be more sympathetic
this way and may be able to find an affordable solution for you. There are also
a number of organisations that can help you in such a situation, which we have
listed below.
• Citizens Advice Bureau
• Consumer Credit Counselling Service
• Debt Clinic
• Debt Questions
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