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Many rely on credit in lead up to Christmas

October 24, 2007 by admin  
Filed under News, News-Credit-Cards

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People struggling to finance their purchases in the festive season will not think twice about relying on credit, AWD Chase de Vere said yesterday.

Susan Hannums, savings manager at the independent financial advisers, explained that it is the “norm” for a lot of people at this time of year.

She said: “The spending and the mortgage rates are going up … there’s a lot happening, and it’s a very worrying time. But the message really is that you’ve got to forward plan.

“We’ve got to get into the savings habit and get away from using credit cards day to day really.”

Furthermore, she said, people with young children will want to make it the “best Christmas possible”, but it is good to try to be “imaginative” and make savings on presents for friends and other members of the family without “splashing out”.

Research from Credit Action earlier this year showed that personal debt in the UK is rising by £1 million every four minutes. The average amount owed by every adult in Britain is a staggering £27,180 (including mortgages).

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