A “huge amount” of the public will rely on credit to afford their Christmas spending, according to AWD Chase de Vere.
The independent financial advisers said that with increased
It is a “worrying time” as borrowing money rather than putting it away is “the norm”, said Susan Hannums,
She advised: “If you really can’t afford it, and it is going to be pushing the budget, then perhaps we need to be a little bit more imaginative with gifts and not necessarily splash out.”
Total consumer credit lending to individuals stood at £212.1 billion in November 2006 and has increased over six per cent over the last 12 months, says Credit Action. The debt charity also claims that Britain’s personal debt increases by £1 million every four minutes.
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