31 December 2007
Britons "too scared" to open their post-Christmas personal loan and credit card bills are risking serious financial consequences for the future, the Financial Services Authority (FSA) has said.
Research conducted by the body has found that 24% of 16-to-44-year-olds are fearful of their New Year bills.
A similar amount (23%) are using personal loans and credit cards to cover their festive costs.
Worryingly, 58% said that they did not know how much their Christmas spend was going to cost them - pointing to a lack of financial responsibility among many.
Chris Pond, FSA Director of Financial Capability, said: "The consequences of not managing your money properly can be devastating - 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.
"Sorting out your budget isn't the most interesting thing you will do after Christmas, but it could be the most important."
To this end, the FSA has published a free guide to help people pay off their seasonal costs in a responsible way.
The pamphlet, entitled Moneymadeclear, is available through the FSA's website.
© 2008 Adfero Ltd
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