Christmas Debt

The Money Advice trust has announced worries of debt for this Christmas period. They have said that ‘less than a third of people it had surveyed had a budget for the festive period’ It added that a third would be borrowing to pay for Christmas costs.

However recent research suggests that Christmas dinners & trees have fallen in price in real terms compared with previous years, but the Bank of England have still warned that “vigilance” is needed over levels of personal debt that have been accelerating recently.

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Various advice services say that building up a savings buffer is key to paying for expensive times of the year. They have also suggested that selling unwanted items can also raise some last-minute cash.

“Money worries can have a huge impact on your life at any time – but the fact that they are putting Christmas at risk for up to five million people shows what an extremely difficult time of year this can be,” said Joanna Elson, chief executive of the Money Advice Trust.

“This is also, of course, a busy time of year – and it is easy to see why many people don’t want to deal with financial problems in December.

“However, our research shows there are millions of people worrying about Christmas finances who could benefit from seeking advice now, to start to resolve their financial problems. Three-quarters of callers to National Debtline tell us they feel less stressed as a result – and often that first step is the hardest to take.”

If your savings are starting to get a bit low and you’re worried about spending out over the Christmas period and going into the new year, take a look at our job site, we have plenty of temporary and full time positions available so you can put some extra money in your spending pot!

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