Angela Knight, the chief executive of the British Bankers Association, claims that by spreading the cost of utilities and other bills across the year rather than paying them every quarter for example consumers will be in a better position to manage their money.

This will particularly important over the next 12 months as 2008 looks likely to be a difficult year for homeowners thanks to higher council tax and energy bills, she points out.

“For 2008 being financially careful has got to be the right thing to do,” said Ms Knight. “There are little things we can all resolve to do without making radical changes.”

Figures from APACS show that the average household faces 92 bill payments a year, 69 per cent of which are paid monthly by direct debit.

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