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Debt warning as Brits reject Scrooge

Up to 23 million Britons are expected to overstretch themselves financially this Christmas.

Research by the search engine Kelkoo found that 56 per cent of women and 43 per cent of men admit that poor financial planning at Christmas has forced them into debt.

Based on this, Kelkoo warns that 23 million people could start the New Year in debt.

The Consumer Credit Counselling Service agreed that "debt related enquiries always increase after Christmas".

Spokeswoman Frances Walker said: "Our advice to people is to budget and plan carefully and pay off credit cards within two months of Christmas, but for those who do run into financial difficulties, help is at hand and we can offer advice to help out however bad it seems."

Kelkoo found that students and school leavers are the worst at budgeting for Christmas, with 67 per cent getting into debt.

Last week, Samaritans warned people not to overspend at Christmas and to avoid the temptation to get into debt to provide the 'magical Christmas'.

In line with past years, it predicted an increase in the number of people seeking support for debt related problems.

The British Retail Consortium predicts that shoppers will spend an average of £400 on presents alone this Christmas.

To help clear festive debts, click here to see how much you could borrow with Lombard Direct.

29/11/2006 10:15:19

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