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Debt management may be sought to ease impact of excessive festive spending

Debt management may be sought to ease impact of excessive festive spending

- Tuesday, 29 December 2009

Debt management may be at the top of many new year resolutions, following research revealing high levels of Christmas debt.

According to insolvency trade body R3, eight per cent of Brits borrowed to pay for their festive spending, and six per cent said they were still paying off debts from last year.

A further 13 per cent were concerned that they would not have enough money left after the festive season to pay for bills.

Commenting on the figures, R3 president Peter Sargent said Christmas was often a "treacherous" time for people who were already "struggling to make ends meet".

"While many people have been careful in their spending throughout the year, worrying numbers are set to break these good habits resulting in a financial nightmare for the New Year," he added.

BusinessWeek reported that consumers in Britain spent £132 million online on Christmas Day alone – up 29 per cent from last year.ADNFCR-2300-ID-19531969-ADNFCR
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