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A survey by defaqto and MoneyExpert has found that in 2005, 1 in 5 consumers got hit with late payment fees. The main reason for the late payment fees was late payment of credit cards and store cards. The survey also found that 1 in 20 consumers had built up over £100 in late penalty fees and associated charges. It is estimated that in 2005 alone, some 7.8 million people paid £553 million in late payment fees.

Other common causes for being charged a late payment fee included exceeding overdraft limits as well we early repayments on mortgages and loans. However, early reports suggest that consumers in the UK are actively working to take control over their outstanding debts during 2006 in order to avoid further penalization from their creditors. The survey found that 1 in 4 questioned plan on paying back their loans with 6% planning on moving their mortgage to another provider so they can avail of lower rates and more flexible repayment plans.