Late repayments on cards and loans cost big dollar

Banks and other lenders make more than $600 million a year on credit card and loan late repayment fees.

Current legal action against the banks may soon force a reduction or end to these fees. However they are still being charged so shop around and choose your cards and loans carefully.

Consumer group Choice's spokesman, Tom Godfreys said: “Arrange a direct debit to pay at least the minimum payment each month, as a safety net against forgetting.”

 Source: The Daily Telegraph