How a lost 29p cost a staggering £44 interest

I BUMPED into reader Peter Wall eight days ago at the Hawthorns – home of West Bromwich Albion FC. Over a cup of steaming Bovril, he told me how his better half always pays off her credit card bill every month to avoid interest charges. But in January, she inadvertently paid £3,032 – not £3,032.29 as requested. The result was an interest charge of £44.47. Although she successfully challenged the charge on the grounds she had made a genuine mistake, the financial moral to this story is simple: if you don’t want to pay interest, clear your balance in full.