Christmas spending ‘could increase debt fears’

An increasing number of individuals may require debt management help as a result of the financial burden placed among them over the Christmas period.

This is because new research carried out by moneysupermarket.com has found people in Britain are currently more concerned about the cost of the festive season than they were 12 months ago.

The study discovered more than half of adults in the UK – 53 per cent – are worried about how they are going to fund their spending in the winter months, while just 45 per cent were troubled by the prospect in 2009.

And the comparison website noted the fears of consumers may be justified as 2010 has been a particularly hard year for shoppers.

It observed high inflation has helped stretch people’s budgets, while the Government’s austerity measures may further heighten their money worries.

Moreover, the investigation revealed women are more likely to be distressed over the financial implications of Christmas than their male counterparts.

It showed 57 per cent of females are anxious about the outlay, compared to 47 per cent of men.

However, it appears ladies are more organised than guys when it comes to shopping for presents, as 22 per cent of girls have begun hitting the shops early – nine per cent more than men.

Head of banking at the portal Kevin Mountford said: “Christmas can be financially tricky for families and the current economic climate is not making things any easier.”

Recent statistics from Credit Action showed the total amount of personal debt in the UK is continuing to rise.

By Joe White