The majority of UK consumers are convinced that they will overspend during the Christmas period, according to recent research.
Millions of Britons are already dealing with a debt management burden, but a study by Lloyds TSB suggests that financial issues are set to get worse for many people between now and the new year.
Failing to keep to a budget is likely to be among the main reasons why debt woes get worse over Christmas and many people will spend hundreds of pounds more than they had planned to, Lloyds TSB concludes.
Ian Larkin, managing director of consumer banking at Lloyds TSB, said: “Presents, decorations, food, drink, party outfits, Christmas tree – the list of Christmas expenses can be a long one and it’s easy to end up spending more than you intended.
“If you think your finances are going to be a bit stretched then try and plan ahead. Set a budget, see where you can make savings and speak to your bank if you need a helping hand.”
Citizens Advice recently called on regulatory bodies and businesses in the UK to do more to prevent the country’s debt management crisis from worsening.