Christmas shopping will send a third of people into debt
Nearly two thirds of people will get into debt to fund Christmas celebrations, a report warned today.
Those stuck for cash during the festive season are likely to take out a loan or borrow money from friends and family, a survey by YouGov claimed today.
Among that group of people, 58 per cent will spend more than average on their credit cards, 39 per cent will be overdrawn, 11 per cent will borrow from friends or family and 6 per cent would borrow money via a personal loan, with some people doing more than one of the above.
The research found that one in 10 will lose control of their Christmas spending, even as another recession looms.
Jerry Mulle, a director at Intelligent Environments who conducted the research on behalf of YouGov, said: ‘Christmas is typically a cash-strapped time of the year but as harsher economic conditions start to bite, the number of people falling into debt or behind on their payments looks set to rise.’
Those aged 25 to 34 are struggling the most with their finances, with two thirds of this group facing debts or arrears of some kind, excluding mortgages.
of receiving the credit card, you will receive an email informing about your pre-selected four-digit PIN, which is meant for being used during cash withdrawals. Credit card owners can also receive convenience checks that can be deposited in the bank or can be used for making purchases in stores. The only problem of using these methods of credit card cash withdrawals is that they come with high interest rates and fees. 