British budgets better this Christmas
Dec 01, 2006
A recent survey from credit reference service CallCredit found that this year Britons were likely to be better budgeters than the year before, with the majority of people planning to pay for Christmas with savings or regular income. Just one in ten people was planning to pay for festive expenses using credit such as personal loans or credit cards, down from three in ten the year before.
However a debt advice service has warned that the festive season could push some consumers over the edge when it comes to problem debt.
The Debt Counsellors, which provides debt advice on subjects including consolidation loans and IVAs, said that the UK total for personal debt was already over £1.25 trillion and thought there might be an increase in problem debt.
Many people were already on a knife-edge,they said, and the inherent expense of Christmas was always a catalyst for debt problems. It advised consumers to be wary of overspending over Christmas and to seek professional advice if their debt got out of control.
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