Consumers 'are not checking credit card statements'
Published On 16 April 2007
People in the UK are not properly checking their credit card statements, leading to further debt problems, according to new research.Apacs, the UK's payment association, has published data which shows that 47 per cent of adults with credit cards in the UK do not check their monthly statements carefully.
A further four per cent revealed that they never bother to check their statement.
As not checking statements can lead to further financial problems, Apacs has launched a new advice guide to help people better understand and manage their credit card statements and spending.
The guide contains useful consumer hints and tips to help consumers comprehend the terminology used on credit card statements.
"Although people are getting better at checking their statements, our research suggests that there is still a lot of work to be done," said Sandra Quinn, the director of communications at Apacs.
"Armed with this advice guide we believe consumers will be better equipped to get the most from their credit card statement - enabling them to understand the terminology on the statement, highlighting the importance of checking the statement thoroughly and explaining what to do if you are having trouble making repayments."
Figures suggest that credit card spending in the UK totalled £120 billion in 2006.
