Debt management for those suffering from post-Christmas debt stress
Debt management for those suffering from post-Christmas debt stress
Wednesday 20th January 2010
Figures released by the Post Office Christmas Club show that more than 14 million people (29 per cent) are suffering increased stress due to debt accumulated over the festive season.
For the almost five million people (ten per cent) who had to increase their debts to cover Christmas, over a third are being forced to cut back on essentials such as food and utility bills.
According to the research, men are not making as much of a commitment to repaying their debts as women.
Some 48 per cent of women intend to make savings on household expenditure in comparison to 28 per cent of men, and a third of women will cut back on holidays compared to only a quarter of men.
There was also a decrease in the number of people who budgeted for Christmas, with 27 per cent stating they had saved in advance compared to 33 per cent in 2008.
Michael Birchall of Post Office Christmas Club said: "Although Christmas 2009 may already feel like a distant memory to many, for millions of people debt and financial worries will be a constant reminder in the months and even years to come.
"People may not feel ready to start thinking about the 2010 festive season but now really is the time to consider saving," he said.
The latest ABI Savings and Protection Survey reveals that paying off debts is a top priority for consumers in the coming year, with 42 per cent of people starting to pay off their non-mortgage debt faster than before.
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