Warning Christmas debt could take years to repay
Money borrowed to pay for Christmas could take years to repay, according to debt advice charity StepChange.
"Christmas can put great financial pressure on people, causing some to rely on credit and spend more than they can afford. In some cases, this can lead to a debt hangover in the new year that may take many months or even years to repay," said Richard Lane, from StepChange. But it suggests people are finding different ways to cut costs to pay their bills. A majority of respondents have been turning the heating down and lights off, or reducing their grocery shop.That is also the case for Natasha Miller and her mum Linda, who spoke to BBC News as they took six-month-old Lana and two-year-old Penny to a free story and rhyme session in Garforth, Leeds.
shows almost one in 10 people have had a direct debit, bill or standing order they have been unable to pay in the past month, rising to 10% of those aged 16 to 29, and 13% of those aged 30-49.Work out how much you owe, who to, and how much you need to pay each month See how you could boost your income, primarily by checking what benefits you are entitled to, and whether you are eligible for a council tax reduction or a lower tariff on your broadband or TV package
Comparable polls for the BBC in June and October last year showed that more than eight in 10 people were worried about the rising cost of living.
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