Third of Brits 'to fall into the red this Christmas'

www.moneynews.co.uk > Debt > Third of Brits 'to fall into the red this Christmas'

Third of Brits 'to fall into the red this Christmas'

Wed 21st Dec 2011

Almost a third of people across the UK may be being pushed into the red this festive period as they spend beyond their means in order to pay for gifts and entertainment over the coming weeks.

Research carried out by uSwitch.com revealed that 28 per cent of people will finish the month in the red as a result of the pressures to spend in December, while 62 per cent of the population will struggle to pay for the festive excesses.

"Splashing the cash at this time of year is very tempting, but for those already feeling the pinch a very merry Christmas could lead to a financial hangover that lasts well into next year," commented Michael Ossei, personal finance expert at uSwitch.com.

Indeed, the majority of people will take up to six months to pay off their Christmas debts, but for eight per cent these borrowings will stay around for Christmas 2012.

Andrew Hagger, a spokesman for moneynet.co.uk, recently noted saving this festive season really depends on the number of gifts that people have to buy as to how successful their money-saving measures will be.

Click here for more debt news

Related News : Debt
	Lessons in financial responsibility 'are important for young people'
	Payday loans 'can lead to significant financial difficulties'
	Brits 'becoming more focused on financial wellbeing'
	Serious debt issues emerging, says expert
	More women 'are facing debt problems'
	Debts 'down slightly in February'
	Brits 'should focus on reducing borrowings'
	Paying down debt is 'better value than saving'
	January a 'gloomy month' for indebted Brits
	Most expensive debts 'must be paid first'