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Credit card borrowers who miss a monthly repayment are facing increasingly harsh penalties.

Borrowers are being lured into 0% deals on credit cards, with some lenders offering no interest for 16 months.

But if borrowers miss one payment by a few days they may forfeit the entire 0% deal and see their credit limit drastically reduced, experts warn.

While this has always been a common practice, evidence suggests banks are getting tougher.

Credit card providers already charge a £12 penalty fee for late payments.

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It’s perhaps no surprise that Robert Eckert’s office looks more like a toy store than an executive suite. There’s a trove of Barbies on the floor near the door, a giant Winnie the Pooh nearby and a huge display of Hot Wheels and Masters of the Universe action figures. Behind his desk, there are even a few dolls in his likeness, including a “Bob Barbie” with gray hair, dress shirt and mini employee badge.

Yet even after a decade at the helm of the world’s largest toy company, Eckert, 56, says he still doesn’t know what children really want. Every winter, he tries to predict a best-selling “toy of the year”-and his record is hit or miss.

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The theory of owning a small business used to be that you need to keep your business and personal finances separate. This helps keep accounting accurate and allows the business itself to build it’s own credit history. With the recently enacted CARD act legislation, the benefits of business credit cards remain but with a few strong caveats.

Why the Changes?

The CARD Act was devised to offer more consumer protection for credit card holders. Because card companies began inflating interest rates, lowering grace periods, and essentially charging any amount of fee to turn a profit after record defaults, consumers had little protection and faced mounting debt daily. B

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