I cannot afford it!
It is expected that 1 in 3 UK residents will enter the cycle of personal debt this year just to fund Christmas purchases and gifts.
- A recent YouGov study shows that nearly 31% of us will borrow from friends or family and also financial institutions in the form of personal loans from banks including other credit facilities.
Nearly 60% of this third will be spending more than they usually do on credit cards and nearly 40% will end up with an overdrawn personal bank account due to gift purchasing and social spending.
- It is believed that approximately 65% of 24-34 year olds are struggling most with financial arrears, this does not include mortgages.
When looking towards Christmas spending it would be wise to formulate a budget of what to spend and by what date, this allows you to plan for other normal monthly expenditures that you will face be it December or not. People throw caution to the wind and worry about the overspending in the early months of the following New Year. This is where the misery sets in for those who may have lending costs increase on them.
Changes in circumstance are the most common events that create the final need for an individual to seek help with personal debt problems.
Not all people will need the help as long as the income they have remains. It is when the income itself is affected that the individual is left with no means to pay living costs let alone regular monthly finance repayments.
The costs of Christmas borrowing remains at a record high, please do not struggle alone should you find yourself in a position that you are unable to get out of or understand, pick up the phone and take confidential debt advice regarding your situation and you may be relieved afterwards to know that there is a route out of the difficulty you may find yourself in.
- For a confidential chat with a personal debt consultant from Lewis Alexander Financial Management, please contact 0800 018 6868, lines are open 24 hours and your call is FREE from most UK land lines. Mobile call costs may vary, please check with your service provider before calling.
- Wishing you a Merry Christmas and a Happy New Year from all at Lewis Alexander.
