The debt nightmare before Christmas

According to insurer Cornhill Direct, a fifth of people carry debt to March, while a tenth are still in debt by the next Christmas.

“The huge cost of presents, food, drinks and parties means that an 18-year-old who lives to the average age of 78.5 would pay a whopping £133,129.04 across their lifetime,” stated the insurer.

Cornhill’s warning is the latest in a series of stark appeals for Christmas debt management, as other polls have also revealed the shocking amount of time many take in repaying debt.

The average Christmas reveller will spend £202.48 on parties, Cornhill added, with £693.05 spent on presents for loved ones, £337.27 on friends and even £45.45 on gifts for neighbours, traders and postmen.

With such large bills liable for Christmas, many ought to consider a debt management plan now to ensure that they do not spend the new year paying off yuletide spending.