Families in Leeds 'are one step away from being trapped in a cycle of debt'
More than 1 in 10 families in Leeds plan to borrow money to cover the costs of Christmas this year.
Leeds families are at risk of a ‘nasty hangover’ of Christmas debt, as it's revealed more than 1 in 10 plan to borrow money to cover the costs.
Leeds Credit Union say the average costs of Christmas is £800, leading to concerns about the number of families who will fall into a debt trap by New Year's Day. The challenges are said to be worse 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. A survery found 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.”