Statistics on debt during Christmas and New Year

In a YouGov Research, it has been assumed that people in the UK are willing to spend exorbitantly during the festivities of Christmas and the New Year and this will lead around 31% of the country’s population to one or other form of debt in order to spend on their festivities.

In the UK, the rate of inflation is soaring high because of a steep price rise of food, fuel and other commodities. The rate of inflation of 5%, as noted in the month of October, is quite high as compared to the Bank of England’s target of 2%.

Because of inflation, the real value of a consumer’s income is decreasing and the cost of essential commodities are increasing.

According to the Debt Statistics published by the debt charity Credit Action, in the month of December the average household debt is recorded as £55,808. According to a research, 331 people are being declared insolvent or bankrupt everyday throughout the year.

The statistics thus reveal the critical state of the UK debt scenario and thus the people in the country need reliable debt help to protect them from being insolvent or bankrupt.

In the UK, a large number of individuals and businesses are struggling to come out of their debts and they all need debt management expert’s advice in the New Year. They need a solid financial plan enabling them to manage their funds on a month to month basis.

The debt management company or a no for profit organization could also review your circumstances under which you were compelled to take a loan. They will suggest ways to avoid further debt and repaying the current one.

For a list of reliable firms in the UK visit our section.

Post a comment