Over the past year many consumers across the UK have seen their credit card debts spiral out of control, leaving them to deal with high repayments and extortionate interest charges at a time when finances may already be tight due to rising interest rates, mortgage repayments, food, energy, and petrol costs. Credit cards have been commonly blamed for making consumer debt problems worse in the UK, and many people each find that they are no longer able to keep up with repayments on their credit cards.

Concerns are rife at this time of the year, when many people have splashed out on their credit cards over the festive season and have now realised just how much financial trouble they are in, as the full extent of how much they have actually spend over the festive season finally starts to hit home. Many people are dreading the arrival of their credit card statements, with a good proportion stating that they know they have overspent and some not even sure of how much they have spent on their cards over the Christmas period.

Officials from the British Banker’s Association have now stated that it is important for consumers to take stock of their financial situations and get their credit card spending under control.

One senior official from the BBA stated: “For 2008, on an individual basis as well as the UK as a whole, being financially careful has got to be the right thing to do.”

She stated that consumers need to start cutting back on their spending in order to have more money to repay debts or to save, and also added that consumers may want to consider the benefits of leaving their credit cards behind when they go out to help avoid the temptation of impulse purchases.