The rising cost of living is taking its toll on the British public and, with Christmas looming, it might not be long before the nation spirals into debt.
Research from price comparison website, MoneySupermarket , found that 60% of the public is worried about Christmas debt.
Over 50% of people had serious concerns about how they would cope financially over the holiday season.
“For many families Christmas is always a financially tricky time. Ultimately, Christmas needn’t be a financial headache,” said Kevin Mountford, Head of Banking at MoneySupermaket.
Funding the festivities could be particularly difficult for many this year as the rate of inflation is expected to increase to 5% before the end of the year. Higher gas and electricity bills are likely to tighten the purse strings further.
“This year will be tougher than most as a result of the increases in the cost of living and widespread pay freezes. It’s no surprise therefore to see that more people are worried about funding the festive period this year compared to previous years,” continued Mr. Mountford.
“If you cannot afford to borrow to fund the festivities or don’t have any savings, don’t despair. Consider having a thrifty Christmas and make your own cards and presents – we are all feeling the pinch and doing Christmas on the cheap needn’t prevent you enjoying the occasion.”
Christmas Debt
Overspending during the festive season is common, many people turn to credit cards in order to be able to afford the gifts, travel, food and other expenses.
However, if people become too reliant on financial products they could soon find themselves in debt.
If you are concerned about the cost of Christmas this year, you could talk to Debt Advice Group who can offer specialist and confidential debt advice.
Confidential advice could be offered to discuss debt problems.
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