A Christmas budget may reduce debt risk

Mon, 05 Dec 2011

Individuals struggling to keep up with increasing payments over the festive period have been advised to create a personal budget to prevent them spiraling into debt.

Money education charity Credit Action urged members of the public to stick to their own financial plan to enable them to enjoy Christmas without fear of an expensive new year.

As part of its recently released Debt Statistics for December report, the organisation revealed the average household debt is currently £55,808, while 1,611 people are made redundant every day.

Additionally, figures highlighted that every adult in the UK owes around £29,539 as the government national debt rises by £185,200,000 on a daily basis.

Michelle Highman, chief executive of Credit Action, urged families to live within their means over the festive period, despite the recent easing of consumer arrears.

"Over the course of the next 25 days there will be significant pressure for us to increase our spending and possibly borrow more to fund it," she said.

The advice comes after statistics reported by the Daily Telegraph revealed parents will spend an average of £112.50 on gifts for each of their children this year. 
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