Millions 'yet to repay' last Christmas loans
Published On 5 December 2007
Millions of people in the UK have still not repaid loans from last Christmas, yet are planning on borrowing further to cover the cost of this festive season.Research carried out by MoneyExpert found that more than 4.4 billion people have not managed to clear credit card balances they built up last Christmas.
According to Apacs, UK consumers will blow £53 billion during December this year, with £11.7 billion being spent on credit cards.
"We can all give into temptation at Christmas and put it on plastic but if the debt lingers from year to year you're starting to get into trouble," said Sean Gardner from the finance website.
"Borrowing money is fine as long as you have a repayment plan. Unfortunately it appears millions of us do not. And with lenders getting tough that is not a good position to be in."
The study also showed, however, that 54 per cent of adults in Britain did not take on extra loans last year to cover seasonal spending.
But a recent survey from Britannia revealed that 37 per cent of people anticipate borrowing to cover the costs of this Yuletide.
