Families Face Christmas Debt
People Are Feeling Pressured To Overspend This Christmas
Around 1 in 10 families in Manchester get so far in debt over Christmas that they still haven’t caught up by the time next Christmas comes around according to a new study.
The Debt Advisor, based in Manchester, warned that families are struggling to pay for the cost of Christmas a full 12 months on.
MD of the Debt advisor in Manchester, Bev Budsworth said “many feel pressure to over spend at Christmas with their kids being a main reason why people do so. Black Friday is a further reason factor which tempts people to part with their money where people use up some of their Christmas budget on items that weren’t initially on their shopping list.”
Bev added: “The society we live in is consumer driven and people are increasingly feeling the pressure to provide the perfect Christmas for their family.”
The Debt Advisor’s findings support nationwide research conducted by The Money Advice Trust which found that 1 in 4 people admit they’re financially crippled by the cost of Christmas. The survey found that at least 36% really struggle to afford both Christmas and paying it back in the New Year.
The findings released today found that more than a third of Britons surveyed have already borrowed or plan to borrow to pay for their Christmas presents this year. The research also reveals that almost a quarter of Britons surveyed (23 percent) said they felt under pressure to spend more, with pressure from children (seven percent), Black Friday and similar promotions (six percent) and partners and other relatives (both four percent) cited as common factors.
When asked what precautions which can be taken and advice which should be given around the Christmas period, Bev said : “keep it simple by making a list and sticking to your budget.”
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