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Consumers ‘repaying debt from last Christmas’

03/11/2008

A new survey has shown that one in four people who ran up debts through their Christmas spending last year are still paying them off.

According to comparison website Savebuckets.com, four out of ten people used some form of credit to shoulder the costs of the 2007 Christmas season, Channel 4 reports. Of these people, only 29% paid off the debts in full in January, while 24% are reportedly still repaying the debt now.

A spokesperson for Debt Advisers Direct said: “Christmas is typically an expensive time, and some people may feel under pressure to ‘push the boat out’ in order to meet expectations. As a result, many end up with debts to their name.

“In the current economic climate, our advice to consumers is to spend within your means wherever possible, and if you think you are going to get into debt, try to plan how you will be able to repay it.

“If that debt seems likely to become unmanageable, however, it’s time to seek professional debt advice.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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