Are you dreading your January credit card statements? Scared of checking your bank balance?
Virgin Money reckon Britons face a financial hangover lasting an average of 12 weeks into the new year, as they come to terms with the debts built up over the festive season.
A report by financial groups Moneyexpert and Defaqto estimates that 20% of consumer borrowers have been hit by charges at least once in the last year, with 5% of people paying up to £100 each in charges over the whole of 2005.
Consumers can now get help to keep better control of their borrowing, with the launch of a new online ‘debt test’ developed jointly by the Financial Services Authority (FSA), the BBC, and Experian credit reference agency.
The BBC have a simple 5 step guide to handling debt problems, titled The Golden Rules of Debt.