Christmas is for many, one of the favourite times of year. A chance to spend time with family and loved ones, to watch classic TV and movies and just relax. But for many people in the UK, this is sadly not how they experience the festive period.
The debt cycle has become more and more common for UK households, with latest figures from the FCA revealing that there is £200bn of unsecured consumer credit in the UK, with 8.3m households experiencing debt problems.
This cycle is amplified at Christmas when many people over stretch to buy that must have gadget, latest toy or feel under pressure to create that ‘perfect’ day – they over spend, only to be left with the stark realisation that when 1st Jan arrives and all the direct debits are taken, there will likely not be enough money in the bank to pay these.
They end up attempting to pay off Christmas debt, and then spend again for summer holidays. And by the time Christmas comes round again, the debt again mounts up.
