Check If You Qualify

1 in 3 Expecting to Borrow to Pay for Christmas

Sharon McDougall - 6th December 2019 - 2 minutes to read

Almost one in three people living across Britain will rely on some form of borrowing to cover the costs of Christmas.

That’s according to research carried out by the debt help charity StepChange, which reveals that roughly two thirds of people will struggle to afford their Christmas spending this year.

The charity’s figures suggest that some 70 per cent of consumers will not be able to comfortably afford the costs of Christmas, while 25 per cent plan to use ‘buy now, pay later’ schemes to spread their spending.

On average, those people who borrow to cover their Christmas costs will take roughly seven and a half months to pay back the debts they accrue over the festive period.

Young adults, meaning those aged between 16 and 34, were found to be considerably more likely to use a ‘buy now, pay later’ schemes than those in older age brackets.

For StepChange, the figures on younger people using debts to pay for Christmas are worrying in part because insecure work and irregular incomes tend to be more common among younger adults, which could mean they will find it harder to pay off any debts they take on.

Perhaps predictably, buying presents for family and friends, and buying food and drinks for the festive period, are among the main sources of expenditure that people need to cover in advance of and during Christmas.

StepChange says that a third of people cut their spending to save up for Christmas but for parents with dependent children, the costs involved can be particularly tough to bear.

The charity is urging anyone worried about their finances around the end of the year to think carefully about how they manage their money because debts taken on can very easily linger long into the new year.

“Celebrating the festive season is fun but getting into debt for it isn’t,” says Richard Lane, director of external affairs at StepChange.

“If it’s going to take many months to repay what you borrow to pay for Christmas, it’s worth pausing for a moment to think about whether your friends and family would really want you to suffer financially as a result of your generosity.

“Most people would much prefer their loved ones to have a financially happy new year than a swanky present.”

If you live anywhere in Scotland and you’re worried about your personal debts then Scotland Debt Solutions can help. Contact us any time to arrange a FREE and completely confidential consultation.

facebook colour icon linkedin colour icon messenger colour icon whatsapp colour icon email colour icon
Sharon McDougall Square

Sharon McDougall

Manager

Other News

Debt Levels Soaring across Scotland, New Figures Show Debt Level Rising

Debt Levels Soaring across Scotland, New Figures Show

Levels of unsecured debt in Scotland increased dramatically during 2022 as the cost of living crisis took its toll on household finances.

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’ Financial Hardship

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’

Close to half a million Scots are in a position of profound financial hardship, according to a new set of figures.

Scots with Disabilities Urged to Check Eligibility for New Benefits Scottish Man In Wheelchair

Scots with Disabilities Urged to Check Eligibility for New Benefits

Disabled people in Scotland are being urged by the government to check whether they might be eligible for benefits that could help make their life a little easier.

About

Why Choose Us

Usp Location

5 Offices in Scotland

National Coverage

Usp House

Ask us About

Home Visits

Usp Hand Heart

Helping Scots Get

Out of Debt Since 1989

Usp Handshake

We offer an

Instant Initial Consultation

Usp Palm Wallet

We'll Help You

Lower Monthly Payments

Usp Hand Heart

HELPING SCOTS GET

Out of Debt Since 1989

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.

Tools

Useful tools

Personalised Debt Report
Usp Planner

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Debt Report
Instant Scheduled Call & WhatsApp
Headset

Instant Scheduled Call & WhatsApp

Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.

Arrange Callback
Find a Local Office
Usp Signpost

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Find an Office

Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority

Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.

ICAS Insolvency Practitioners