Debt management weekly round-up

News on debt this week has centred surrounded debt problems brought on by Christmas and what this means for the New Year.

And 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 Bright Grey suggests this may be caused by the hike of 65 per cent in typical monthly outgoings consumers make to meet the cost of Christmas.

This has lead some Brits to increase their unplanned borrowing to cover their last-minute festive spend.

Sainsbury's finance finds many households will need to seek debt help as nearly £2 billion-worth of late spending will be done over credit cards.

That's why a national money education charity urged consumers to re-think their Christmas budget in order to avoid debt problems.

Associate director of Credit Action, Joanna Parsley, thinks that despite Christmas being just around the corner, small changes to consumers’ budgets can be the best way to avoid debt help.

However, should consumers need to borrow money, Ms Parsley recommends they "shop around for the best credit deal" and "aim to pay down the debt as soon as possible".

Kevin Still, Director of Atlantic Financial Management says: "We hope everyone enjoys their Christmas and New Year festivities without over stretching their budget. 2011 may require continued to financial discipline to avoid debt problems."

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