12 September 2005
Most credit card users feel that charges imposed on late payment of credit card bills are "excessive", a new report has said.
The August online user survey, from Moneyfacts, says that of 1234 people questioned, 85 per cent think that the charges are unfair.
The research also says that when visiting their bank branch, 53 per cent feel that the bank tries to sell them more financial products than they want.
Emma Butler, Moneyfacts editor, said: "In some cases where a bank is trying to sell additional products to a customer they can be acting in that customer's interest. For instance, if they could earn more interest by switching savings accounts or reduce monthly payments by changing their mortgage.
"However, consumers do need to act with caution as often these bank staff have sales targets. It could be the case that by shopping around with other product providers, even more money could be saved or a higher amount of interest earned."
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