Festive discipline over debt problems

People in Britain are said to be unwilling to let debt problems get the better of them as they look to fund the cost of Christmas.

Around 60 per cent of UK consumers say they won't allow this to happen, while 70 per cent of people say they're ready and willing to cut their spending over the festive period.

New research by the Co-operative Bank, shows that celebrations over the Christmas week will take the biggest hit, as 29 per cent of people say they’ll hold back when it comes to partying.

Director of retail products at the bank, John Hughes thinks there's pressure to spend money at Christmas - so it's good to see people are looking at their finances more carefully.

Director of Atlantic Financial Management, Kevin Still says, "Being sensible during the festive season can save major financial problems in the New Year, however, this can mean setting the right expectations for those affected and may require collusion with parties exchanging gifts and hospitality.

You don't have to be Scrooge to find the right balance to avoid debt problems."

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