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370,000 people spiralled into 2017 with uncontrollable festive debt PDF Print E-mail
Thursday, 26 January 2017
As the Governor of the Bank of England recently warned, the UK is experiencing extremely high levels of debt - and there is no doubt yuletide spend has exasperated the issue.

· Festive season drove almost a fifth {19%} of consumers to overspend.
· 76% of presents were purchased with a credit card.
· 9 in 10 people with credit card debt {85%} will suffer in 2017.
· Individuals have started the new year with an average debt of £636.

New research by Onbuy.com/gb has analysed data conducted by AXA Insurance to establish which cities are most at risk of debt in 2017 – with Brighton, Cardiff and Newcastle struggling the most.

Onbuy.com/gb looked to assess and evaluate how long cities will take to repay their debts - with Belfast taking the longest at 6.5 weeks and Cardiff taking the least amount of time at 4.8 weeks.

A spokesperson from StepChange Debt Charity exclusively told Onbuy.com/gb: “The first half of 2016 was the busiest six months we have ever seen at StepChange Debt Charity and more than 300,000 people contacted us for debt advice. Almost 60,000 of those people came to us in January, which is always our busiest time.

If someone is struggling with debt, it’s important that they first write down everything they owe and to whom. Next, they should look at everything they have coming in and going out and draw up a realistic budget that they’re able to keep to. Lastly, we would urge anyone who is worried about their debts to take free, independent debt advice as soon as they can.”
 
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