Demand for debt advice to increase after Christmas spending?

24/12/2009

Shoppers are set to put on hold any personal income worries as they hit the high street for some last minute Christmas shopping.

According to research from Sainsbury's Credit Cards, 13.3 million people are planning on buying festive presents on Christmas Eve, with a total of £1.37 billion expected to be spent.

Head of Sainsbury's Stuart McKeggie said that those on a budget are hoping to take advantage of the "great deals" on offer on the high street.

"Once again there looks set to be a stampede of shoppers on Christmas Eve as many people leave their shopping to the last minute before Christmas," he commented.

Mr McKeggie went on to say that shoppers should make sure they have an appropriate credit card if this is the means by which presents will be funded, with a credit card lifestyle expected to be a widespread trend in the run up to Christmas Day.

Sainsbury's Finance said earlier this month that 12.4 per cent more cash will be withdrawn from ATMs in December compared to a typical month.

Kevin Still, director of EuroDebt, said: "It is not just excessive spending at Christmas, but the cumulative effect of the recession where household budgets have been squeezed.

"Repaying the credit card spending is tough if there isn't enough disposable income to start with. We expect to see more people seeking money and debt advice in the New Year."

Tags; Income Worries and Debt,

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