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31 December 2007
As is the case every year for many people Christmas has resulted in over-eating, over-indulgence, and over-spending, and now that the big day is over it is time for us to sit back and assess the damage. A recent report has highlighted how some consumers are not even aware of how much they have spent on Christmas, with many others pretty certain that they have overspent on their initial budget. This is why many people are now dreading the sight of seeing their credit card statements and bills arrive in the New Year.
A survey carried out by the Financial Services Authority has shown that around a quarter of consumers aged between sixteen and forty four are dreading the arrival of the New Year post, as sooner or later their credit card bill is going to plop through the letterbox confirming their worse fears – that they have spent way more than they could actually afford to. The survey involved around two and a half thousand adults. However, despite the financial concerns of many it was worrying to find that 50% of those involved in the study were intending to deal with losing weight or booking a holiday before sorting out their finances.
In light of the high level of debt that many consumers will have run up on their credit cards over the Christmas period experts are stating that it is important to stay focussed and sort out finances as a priority, with the New Year being the perfect time to start. One official from the Financial Services Authority 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."
The survey showed that nearly a quarter of consumers had used finance such as credit cards to pay for Christmas, and a shocking sixty percent had either overspent on Christmas or actually had no idea how much they had spent over the Christmas period.
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