Millions of Brits ‘dreading’ new year bills

Millions of consumers from across the UK are dreading their first bills of the new year, recent research has suggested.

According to figures compiled by the Financial Services Authority (FSA), close to a quarter of all Britons aged between 16 and 44 are fearful of what their first bills of 2008 will reveal.

Many people are concerned that they will have accumulated far more
credit card debt over Christmas than they had hoped to, while others know that they are facing a struggle to become debt free in 2008, the FSA reports.

Chris Pond, FSA Director of Financial Capability, said: “Sorting out your budget isn’t the most interesting thing you will do after Christmas, but it could be the most important.

“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.”

Meanwhile, spending via the internet is believed to have topped £5 billion in the UK over the course of December, according to Apacs, the national payments association.