Parents facing "debt temptation" in run-up to Christmas

11/12/2008

Parents are risking deeper debts by buying their Children lavish gifts this Christmas, a poll by Netmums.com showed today.

The website said that 49 per cent of mothers feel that they would do "whatever it takes" to keep their festive celebrations the same as before despite the severe economic downturn, the Press Association reports.

A total of 44 per cent were already preparing their excuses for their credit crunch Christmasses - and plan to tell their children that Santa Claus is working to a budget this year.

Speaking to the news agency, website founder Siobhan Freegard commented: "Of course we know many families are having to cut back this year, but we are urging mums not to feel guilty about this and, crucially, avoid the temptation to go into debt.

"Instead, why not use the credit crunch to remind ourselves that Christmas should be about magic, miracles and imagination and not about adding up the value of the contents of Santa's sack."

Figures from charity Credit Action show that current personal debt levels in the UK come to a total of over £1.4 trillion.

Around 1,000 mums were involved in Netmums.com's research.

Tags; Budgeting Advice, Young Family Finances,

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