Rising Numbers Relying on Credit to Fund Christmas

December 22, 2017

An increasingly high proportion of Brits are relying on credit to fund their spending around Christmas time and the situation is leading to heightened stress levels for many thousands of people.
Roughly 37 per cent of Brits expect to use credit to pay for Christmas gifts in 2017, which is a figure up from 33 per cent from last year.

Around a quarter of Brits say they’ll cover the costs of Christmas food by relying on credit and only 30 per cent say that they’re well prepared for the expenditures of the festive period.
These figures have been put together by the Money Advice Trust, which is urging anyone finding it particularly difficult to manage their finances and their debts towards the end of the year to seek help from experts who are well placed to provide practical guidance and support.

“No one has to go through this alone,” says Joanna Elson, chief executive of the trust.
“We would encourage anyone worried about money at this time of year to seek support.
“Even if you just make a start to deal with the problem, this could make a huge difference in giving you some peace of mind this Christmas.”

Research by the Money Advice Trust suggests that financial fears are a major problem for many thousands of UK consumers, with 14 per cent of people saying that they worry about money every day in the run up to Christmas.
Around 3 per cent apparently lose sleep as a result of their money worries around Christmas and one in 10 say that financial concerns have an impact on how much they’re actually able to enjoy the festive period.

Martin Lewis, founder of the website MoneySavingExpert.com, is backing the Money Advice Trust’s efforts to encourage anyone struggling with debt problems to seek expert third-party support and assistance.
“Too many people feel pressured into making a lust list of what makes the perfect Christmas,” he said.
“Instead start by working out how much you’ve got to spend and cut your cloth accordingly. If the answer is you have nothing, then go cold turkey! Have fun, see family, watch the telly, but try not to spend money.”

If you live in Scotland and are struggling to cope with your debt problems this Christmas or at any time of year then Scotland Debt Solutions can help. Contact any of our offices to arrange a FREE consultation.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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