The Consumer Credit Counselling Service (CCCS) is expecting to see many thousands of Britons seek out debt advice in the new year as a result of overspending during December.
James Ketchell, a spokesperson for the CCCS, has made clear that January tends to be the busiest time of the year for its debt management advisors and he believes the same will be true in 2008.
Mr Ketchell made his assertions despite reports that the so-called credit crunch has made it more difficult for would-be British credit consumers to borrow money.
However, he commented: “When people have £30,000 to £40,000 worth of consumer debt, one Christmas doesn’t make a difference but it might be the tipping point which pushes people over the edge.”
Figures from MoneyExpert.com show that more than 1.91 million people in the UK had their loan applications rejected over the course of the half-year to the end of September 2007.