Over four million people are still paying for last Christmas…
Over four million people are still paying for last Christmas according to research from Money Expert.
Their study found that approximately one in ten consumers admit that they are still repaying debts they ran up in December last year.
These figures were backed up by further research carried out by the Association of Business Recovery Professionals, which found that one in ten people will go further in to the red to cover the cost of Christmas.
Money Expert‚Äö√Ñ√¥s Sean Gardner says; “Borrowing money is fine as long as you have a repayment plan.
“Unfortunately it appears millions of us do not. And with lenders getting tough, that is not a good position to be in. If you’ve not cleared the debts of Christmas past it is time to face up to the future.”
Chiltern‚Äö√Ñ√¥s Joanne Gill says: “Despite warnings, many people will still use their credit card and spend money that they don‚Äö√Ñ√¥t have this Christmas.
“Once people start receiving their statements in the New Year though, they may find seeking impartial debt advice could help ease their debt stress.
‚ÄúPeople should remember that debts can be for many years Рnot just for Christmas.‚Äù