Christmas will leave 28 per cent in debt

Wed, 21 Dec 2011

Just under three-in-ten Britons will be left in debt as a result of their spending over Christmas, it has been found.

According to a new study by uSwitch, 28 per cent will end up in the red once the festive period draws to a close.

The investigation revealed this financial hangover is likely to last an average of almost six months, with eight per cent remaining in debt until next yuletide.

It was shown that 62 per cent will find it tough paying for Christmas this year, with 12 per cent admitting it will be very difficult.

Michael Ossei, personal finance expert at uSwitch, said: "Cash-strapped consumers will be feeling a little short of Christmas cheer after another tough financial year."

The industry figure noted that while the cost of living has escalated, many people have endured pay freezes and even wage cuts, with household bill rises offsetting the benefits of any pay increases enjoyed.

Earlier in the week, co-founder of Make It and Mend it Hilary Bruffell suggested people can help to prevent a slide in to debt this Christmas by planning ahead and sticking to a thought-out budget.
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