British consumers will borrow an increased amount of money over the course of December 2007 than was the case during the same month last year, it has been suggested.
After assessing the latest lending data published by the Bank of England, Callcredit has claimed that record amounts of money look set to be borrowed next month as Britons add to their debt management burden in order to fund their spending over Christmas.
The prediction from the credit reference company comes despite the revelation that as much as 60 per cent of all credit card lending in 2006 occurred in the final month of the year.
“Our own research shows that 75 per cent of consumers believe that they’re not responsible for over-indebtedness, but it is important to remember that responsible borrowing goes hand in hand with responsible lending,” Mark Ward, head of consumer services at Callcredit.
“Consumers need to look closely at their own borrowing habits and take control of their finances before they get into financial difficulties.”
In January of this year the Citizens Advice charity warned that the Christmas “debt hangover” would worsen for those Britons who chose to ignore it.