January is a big month for debt issues

Mon, 09 Jan 2012

Debt issues surface in January more than they do at any other time in the year, it has been suggested.

David Rodger, managing director of the Debt Advice Foundation, explained his charity receives around double the number of enquires during the first of the 12 months, with people realising how much they overspent at Christmas.

The industry figure noted this situation is often exacerbated by individuals borrowing more money in order to fund their everyday living expenses, observing: "Taking on additional credit to cover day-to-day living costs, especially through high-cost credit such as credit cards and payday loans, is not tackling the underlying problem."

This approach can simply serve to increase the amount of cash owed and make a person's financial position all the more unstable in the long run.

Mr Rodger recommended those feeling the pinch after an expensive festive period take a good look at what they are paying out each month and calculate a workable monthly rate in which they can settle their debts with creditors.

Earlier in the month, the Post Office Consumer Credit Report revealed more than 12 million people will spend January this year relying on credit cards in order to meet their daily living expenditure.
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