Nearly 1 in 10 have borrowed money for Christmas
29 November 2011 15:08:07
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| Many young people could slip into debt this Christmas. |
A survey of 1,000 adults by insolvency trade body R3 also found that 13% of people do not believe they will have enough money at the end of December to pay their usual bills.
Frances Coulson, president of R3, said that many young people develop bad money management skills early on.
She observed: "Fewer people than last year, across the board, have borrowed money, but there are still some weeks until Christmas.
"With unemployment figures up, we can only expect to see more people saying they are struggling to afford the demands of the festive season."
A third of respondents to the R3 survey also admitted that it would take at least one month to pay back their Christmas debts.
One way to avoid over-spending during the festive period could be to calculate how much money is available for presents, entertainment and food and load this amount on to a prepaid credit card.
In this way, consumers will only be able to spend up to their pre-loaded limit unless they make a conscious decision to add more credit to their cards.
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