Many dreading their credit card statements

According to recent reports many consumers in the UK are dreading the arrival of their credit card statements during the month of January, with many afraid to see how much they have spent over the Christmas and New Year period, as well as in the January sales.

A survey was recently carried out by the Financial Services Authority, and showed that many credit card holders have lost track of how much they have spent over the festive season. In the 16-44 age group around a quarter of consumers stated that they were scared of opening their credit card statement because of what they might see.

The Financial Services Authority has now suggested that consumers buckle down and start getting their finances sorted as the New Year gets underway. One official stated:  "Sorting out your budget isn’t the most interesting thing you will do after Christmas, but it could be the most important. If you don’t make payments on time it can affect your credit history and at worst put your home and even relationships under pressure."

Around 60% of respondents in the survey admitted to overspending during the festive season or simply not knowing how much they had spent over the season.