Many Brits Will Fall Into Debt This Christmas

As Brits look to enjoy Christmas with some festive fun, many will fall into debt to pay for it.

According to protection specialist Bright Grey, over 10% of adults will fall into debt to pay for their festive fun this Christmas.

The most common reason for overspending at Christmas is that ‘I will feel guilty if I do not give my family/children everything they ask for, with others  saying that their level of spending over Christmas is ‘just because I have to’.

Worryingly, some 14% of those who spend more than they can afford and fall into debt state it’s ‘just because they are hopeless with money’.

Sticking to a budget is something to consider, rather than these rather worrying excuses and as Roger Edwards, proposition director at Bright Grey says: “with a little planning throughout the year consumers will get to enjoy what Father Christmas brings them and they will not have to worry about the credit card bill or bank statement the postman will deliver.”

Bright Grey is part of Royal London Group, a specialist financial service provider.