Latest Debt News
The debts of Christmas past
19/12/2005 12:10:00
As we enter the final week before Christmas and high street spending prospers from a final flurry, a study has revealed that 2.4 million people still have debts to pay off from last Christmas.
According to One Advice, there are also another 1.7 million Brits who only settled last year's Christmas debts between six and ten months after the festive season.
The alarming trend that sees consumers throw caution to the wind and rely on credit to celebrate Christmas will leave a substantial hangover come the new year.
The worst age group for Christmas overspending leading to debt are 45 to 54-year-olds, with one in ten of them admitting they will still be paying for last Christmas a year on.
Chris Holmes, chief executive of One Advice, commented: "The scale of the debt problem facing this country is very alarming, and it is generally fuelled by Christmas.
"Those that do have serious financial problems should seek professional advice as soon as possible because the longer they leave it, the worse it becomes."
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