Consumers to focus on debt management in the New Year
Consumers to focus on debt management in the New Year
- Thursday, 7 January 2010Many consumers will be seeking ways to manage their debt in the coming months, an industry expert has claimed, in a bid to recover from excessive festive spending.
Citizens Advice Bureaux across England and Wales are reporting an ongoing increase in debt issues that the organisation has to deal with, with recent figures indicating
debt problems were up by 26 per cent in the three months to September compared to the same period the previous year.
Richard Napier, head of credit cards and personal loans at Nationwide, said many people would now be thinking about how to manage their over-stretched finances.
"With Christmas over, some people will be thinking about how they had spent too much money over the festive period," he said.
"For some, this will simply mean tightening their belts for a while and cutting back on a few luxuries. For those already in debt, the New Year can signal greater money worries."
Recent research by insolvency trade body R3 revealed that eight per cent of Brits borrowed to pay for their festive spending, and 13 per cent were concerned they would not have enough money left after Christmas and the New Year to pay for bills.

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