Britons have been advised to monitor their Christmas expenditure and steer clear of credit and store cards if possible.
The warning comes from the Finance and Leasing Association (FLA), which found that, in December of last year, 25 per cent and 11 per cent more was spent on store and credit cards respectively than in the other 11 months.
Fiona Hoyle of the FLA noted that the festive season can be a difficult time and people should be ensure that money is not a problem.
“Take stock after Christmas – if you’re not going to be able to repay your debts, talk to your lender as soon as possible,” she recommended.
The FLA also suggested that people be realistic about what they can afford and remember that expenses do not stop at present-buying.
However, it may be that Christmas debt is unavoidable for many in the UK. A recent study by money.co.uk found that 30 million adults will be starting the new year with a collective debt of £8 billion.
By Sarah Adie