Don't have a clue what's going on with your credit card? You're not the only one

 
Hayley Kirton
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More than one in 10 Brits with a credit card have no idea what interest they're paying (Source: Getty)

If you've not yet braved checking your credit card statement following the Christmas spend, you're not alone...

Credit card carrying Brits are routinely putting their head in the sand when it comes to the state of their finances, figures out today show.

Slightly less than two-thirds (64 per cent) of those surveyed by MoneySuperMarket check their credit card statement just once a month, while more than one in 10 (13 per cent) are clueless as to how much interest they are paying on their cards.

Read more: Three important investment lessons to take from 2016

Meanwhile, 66 per cent have not checked their credit score within the last year, with one in five (21 per cent) confessing they wouldn't know how to do so.

"Many people will use their credit card at this time of year which, if used wisely, can help spread out the cost of big purchases, offer protection on purchases and help improve your credit score," said Kevin Mountford, banking expert at MoneySuperMarket. "However, if used badly you could incur unnecessary charges, end up in debt and damage your financial reputation – making it harder to get credit in the future.

"It’s worth taking the time to get to grips with your credit card so you avoid a financial hangover in January."

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