Credit card payments unstable

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This is the point where many borrowers can find themselves in extremely sticky situations. Missing one payment is not to bad, but you can soon find yourself being charged fees left right and centre and finding your self in even more debt than you thought

Credit card payments unstable

Missed payments by UK credit card borrowers surged in the last three months of 2008 and lifted delinquency rates in bonds backed by such debt to a historical high, according to a report out on Tuesday from Fitch Ratings.
The sharp rise in missed payments, which lifted average delinquency rates among Fitch-rated bonds by 50 basis points to 4.3 per cent compared with the previous quarter comes in spite of card lenders having tightened their standards.