Christmas debt worry increases

More people are worried about building up their debt levels this Christmas than at this time last year, according to new figures.

Research from Moneysupermarket.com shows that more than half (53 per cent) of Britons are worried about festive funding, compared with just 45 per cent last year.

With inflation meaning that people's savings won't stretch as far as they once did, more consumers may be considering putting their Christmas spending onto their credit cards, which could leave them needing debt help in a few months time.

However, Moneysupermarket.com's Kevin Mountford warns that "as with any credit product, it's important that consumers borrowing money on a card remember the golden rules – always pay back at least the minimum each month and never borrow more than you can afford."

Kevin Still of Atlantic Financial Management says: "The Bank of England interest rate is at a record low, yet credit card interest rates are the highest they’ve been in eight years, this could lead to many Britons on a low income suffering from debt problems and financial difficulties this Christmas."

Debt problems - Household Finance Index

22/03/2011

Debt problems could put an even greater pressure on homewoners finances in the coming year, followin ...

Debt problems – energy debt

16/03/2011

People in the UK that are currently dealing with debt problems are having their situation made worse ...

Debt problems: advice options

09/03/2011

Britons who are having to deal with debt problems at present do have a broad range of outlets when i ...

Debt problems: water meter

01/03/2011

Debt problems that cause daily problems for the UK's consumers could be alleviated with the addition ...