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.

The report, titled ‘The Twelve Weeks of Christmas’, estimates that £13bn is spent on seasonal celebrations each year, with an average amount of £534 per person being funded by credit card borrowing. Across the country, it takes around 3 months or 12 weeks to clear this debt, meaning that the ‘hangover’ can last into April.

Read the full Press release (.doc file)

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