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Record debt defaults predicted for the New Year

04/12/2009

Banks have been warned that their debt collection departments could face the `busiest New Year on record` as debt defaults are predicted to rise after Christmas, the Telegraph reports.

According to the credit-checking company Experian, January is `traditionally the worst time of year for debt defaults`. The company also said that because of the recent rise in unemployment and personal insolvencies, the first quarter of 2010 will be `the busiest period ever`.

Experian`s head of collections for UK and Ireland, Simon Walter, said: "Christmas is a catalyst for delinquency and bad debt, with credit card and overdraft debt traditionally peaking in the New Year.

"Economic indicators and feedback from our collections clients suggests that the first quarter of 2010 could be the busiest period ever seen."

A spokesperson for Debt Advisers Direct commented: "Christmas can be an expensive time of year for anyone, and the problems this can cause are often especially serious for people in debt.

"It is particularly important that people do their best to remain in control of their finances over the festive period. We would advise anyone struggling with their debts to contact a professional debt adviser."

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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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