Many of us feel the pinch when it comes to Christmas. As wonderful as the festive season is, it puts a tremendous amount of pressure on us to spend a considerable amount of money on creating the ‘perfect Christmas’, whether this be on buying lavish presents for loved ones, buying an excessive amount of food and alcohol for the Christmas festivities, or the amount spending travelling to see family and friends near and far, the costs soon add up. Millions of people in the UK are accumulating debt to be able to have Christmas, according to statistics.
In a poll carried out by comparison site uSwitch involving over 4,000 consumers, a staggering one in four of us ends up starting the next year with a credit debt average just under £500 (£452). The same poll revealed that across the UK, British shoppers end up loading almost £8.5 billion of debt onto credit cards in order to pay for Christmas. Many are also using bad credit loans in order to cover the costs of festive season too.
