• New consumer guide helps consumers understand their credit card statement
• APACS research shows only half of all adults check their statements thoroughly
• Advice and help on what to do if you are having difficulty paying off what you owe

APACS, the UK payments association, has today (13 April 2007) launched a new advice guide to help consumers better understand their credit card statements. The “Understanding your credit card statement” guide explains everything consumers need to know about the common features and terms used and offers advice on what to look out for when they are checking their statements.

The guide gives useful hints and tips to help consumers understand everything they need to know about the different terminology used on their statement, helping to explain what is meant by phrases such as ‘allocation of payments’, ‘payment date’ and ‘APR’.

The guide also advises on how and why credit card statements should be regularly and thoroughly checked. APACS research shows that nearly half (47 per cent) of all adults do not check their credit card statements thoroughly. A further four per cent of all adults admit to not even looking at their statement.

Yorkshire & Humberside tops the league when it comes to not checking credit card statements – almost one-in-ten of people in this region do not check their statements at all.

Sandra Quinn, director of communications at APACS, said:

“Although people are getting better at checking their statements, our research suggests that there is still a lot of work to be done. 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.”  

APACS research quoted from Plastic Cards Omnibus Survey (June 2006). In response to the question “How thoroughly do you check your bank and credit card statement (by Government region)?” the following regional breakdown was provided: