Brits wait for new year to repay debts, says expert
People in the UK avoid repaying their debts until after the new year celebrations, according to one debt expert.
Licensed insolvency practitioner Philip Beck has said that Brits are more likely to turn to debt advice after one last spending spree over Christmas.
He said that he expects to see an increased number of people seeking out debt consolidation loans and insolvencies in January.
A combination of Christmas bills and debts built up throughout the year will see consumers turning to advice in the new year, claims Mr Beck.
"Normally it's just that people put off trying to resolve these things until after the festive season. It's often a New Year's resolution to get out of the debt situation."
Figures released by the UK's payment association Apacs revealed that the nation is set to spend £52.6 billion this December, with credit and debit cards funding over £30 billion of festive-bills.
© Adfero LtdYou can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.