Personal debt on Christmas

A recent study has revealed that the majority of the Britons is going to take loans in order to fund their Christmas spending this year.

This means that consumers are under financial pressure but are still willing to going on a shopping with an aim of celebrating Christmas with grandeur.

With the beginning of  December, people have started crowding the retail shops throughout the UK.
Many tech savvy people have started shopping online in the huge manner for the forthcoming Christmas celebrations. But still retailers are complaining of weak spending trends among the British consumers. And the fact is that a larger proportion of this spending is coming from the debt market.

Because of tough economic conditions, it’s expected that around 30% of the British consumers are going to take loans to fund their Christmas expenses this year.

A sizeable number of people will use their credit cards to buy gifts and other things for the celebration while others will rely on bank overdrafts.

In Britain, a large number of people are finding it difficult to meet their household expenses due to rising rate of inflation and the job cuts in the labor market. The global financial crisis is too playing a significant role in forcing the British citizens to take credit.

All this will make them debt-ridden and eventually this will give rise to a number of cases of personal insolvencies in the UK.

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