Yorkshire families risk 'nasty hangover' of Christmas debt
10% of families in our region borrowed over £500 on last year's festivities.
Yorkshire and Humber families risk ‘nasty hangover’ of Christmas debt More than 1 in 10 families in Yorkshire and Northern Lincolnshire plan to borrow money to cover the costs of Christmas this year,
That's according to a survey by The Children’s Society. It also found that – nationally – 10% of families borrowed over £500 for last year’s festivities, raising concerns about the number of families with children who may find themselves at risk of falling into a debt trap by New Year’s Day. The costs of Christmas presents, food, drink, decorations, travel and other related activities see families spending an average of £700, according to the survey. The challenges are even more sobering for families who have already found themselves in problem debt this year – more than half of them are planning to borrow more to cover the cost of Christmas, with almost a quarter counting on their credit card. The survey shows that over half of families in problem debt in the last year cut down on their heating in the weeks after Christmas in an attempt to rebalance their finances after the festive period. Rob Jackson, Yorkshire and Humber Area Director at The Children’s Society, said: “All parents – particularly those who are struggling – need to be aware how difficult it can be to shake off Christmas debt. No-one wants children to miss out on the fun and excitement of Christmas, but neither would anyone wish parents to wake up on New Year’s Day with a nasty hangover of debt. “We know the damage problem debt can cause to children, who often pay the price with their mental and physical health, and that’s why we’re calling on Government to give families the time and space they need to get their finances back on track.”