Christmas 'can be a bad time for debt'

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Christmas 'can be a bad time for debt'

Tue 29th Nov 2011

Many people traditionally fall into the trap of increasing their debts during the festive period as they do not want to let down friends and family, it has been argued.

Danny Cox, head of advice at Hargreaves Lansdown, said what Brits need to realise is that any borrowings they take out now could come back to haunt them in the months to come and it is simply not worth it.

"Christmas is traditionally a time when debt rises and this is always a cause for concern if there is no clear plan to repay these debts before they become out of control," he commented.

Indeed, Mr Cox advised keeping a spending diary to ensure people are not purchasing more than they can afford at this time of year.

However, Dave Penny, managing director at Invest Southwest, argued it is important for people to live within their means during this period of severe austerity in the UK.

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