Consumers are being advised to stick to budgets and resist the urge to buy.

It is now easier than ever to indulge in spending online with credit cards. Reports are suggesting that more music is now sold digitally than physically. In the build-up to Christmas, many presents were not delivered on time because of the unprecedented volume of internet sales.

Consumers who are not paying off their credit card bills at the end of each month or who are seeing their credit card debts increasing are being asked to assess whether they are living beyond their means.

One piece of advice emerging from this is to consider making payments in cash over credit cards where possible.

While credit card statements offer a useful record of spending, an individual becomes far more aware of the amount when transactions are conducted in cash.

The problem could also be that consumers are using the wrong type of card. If you tend to always carry a balance, you may benefit from a low-rate credit card to avoid excessive charges. If you are unsure about whether your card is right for you, check out the 'Credit Cards Explained' guide to credit cards and their carriers.

Barry Malloy