Debt problems by New Year
20/12/2010Debt problems look set to be the source of a New Year hangover for millions of adults this Christmas, as a new survey shows many will overspend.
As many as five and a half million consumers in the UK will fall into debt in order to meet the cost of the festive period.
The survey from financial services provider Bright Grey suggests this is caused by the hike of 65 per cent in typical monthly outgoings many consumers make to meet the expense.
Bright Grey also found that almost half of British adults part with nearly half their salary each month in order to fund Christmas time in their households.
Kevin Still, Director of Atlantic Financial Management says: "Overspending in the festive season can lead to debt problems, but can be particularly severe for those that are still repaying previous Christmas festivities and have accumulated credit card debts and other unsecured borrowing resulting in a debt spiral. debt advice could be the best New Year’s resolution for many indebted UK consumers." 
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