A study by Legal and General has revealed that this Christmas could be 'unaffordable' for around 1.6 million families. Their survey found that almost one third of families questioned couldn't "afford to buy presents and pay for celebrations this year".
The figure is even higher in London and the West Midlands, rising massively to 60% of families not being able to afford presents for loved ones this Christmas.
The main reason stated for these figures is exisiting debts, including many still paying off last Christmas' debts. 31% of those questioned said they plan to spend less money on presents compared to last year and 51% stated that they wouldn’t increase their spending from last year.
Fewer people are relying on credit this year, with the number of people admitting to fund Christmas on credit cards dropping to 20% this year from 32% last year.
Hopefully this is a sign that people are learning to spend only what they have, a clear outstanding debts before getting into further debt themselves.
If you are struggling with debt this Christmas, contact our debt advisors on 0800 988 7701 for no-obligation debt advice.
