Debt advice: rethink Christmas spending

Consumers should be careful about how they spend their money over the festive period, unless they want to flirt with problems which could lead to them needing debt help.

That is the view of Credit Action, who say that research from moneysupermarket.com which says the cost of Christmas could push 3.8 million Brits into having to deal with debt problems.

Associate director for the firm, Joanna Parsley, says: "These figures from moneysupermarket.com are a real concern as 47 per cent of the UK population look likely to start 2011 with debts carried over from 2010."

She added that despite Christmas only being a month away, consumers would do well to give their festive budget a rethink.

Kevin Still, Director of Atlantic Financial Management says: "It is not uncommon for UK households to overspend at Christmas and New Year, however, the concern is when belt tightening in the quarter after the New Year doesn’t repay the festive excesses on store and credit cards. Millions of UK consumers are still paying for Christmas 2008 and 2009. debt advice may be required when sign of a debt spiral become apparent."

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