While every parent will be wanting to splash out every Christmas for their family, research reveals that it may take an average of five months to pay off their debts when doing so.
Even worse, one in 10 will take at least 12 months to repay the debt they rack up, so those who have just enjoyed Christmas in 2017 will probably still be paying their debts from Christmas 2016.
Also, the findings from Nationwide reveal that one in three people were looking to do some online shopping on Christmas Day.
Their findings also reveal that the average spend per family last Christmas was £687 with half of those in employment looking to spend in December more than they will earn in the month.
Paying off Christmas debts
Their figures also reveal that while the average time is five months for paying off Christmas debts, 34% will take six months to do so.
And, despite the cost of Christmas mounting every year, around 70% of people said they refused to cut back on their spending plans and were prepared to face the financial consequences.
A spokesman for Nationwide said: “Our research reveals that many are spending beyond their means to have a great day and many will take months to repay the cost.
“We always advise that it’s best sticking to a budget and, where possible, to spend cash savings to help cover the extra costs.”
If you have been left with a financial headache after spending too much over Christmas and the New Year, then it’s best to act promptly rather than ignore a growing debt problem.
Living in Scotland there are a range of debt solutions available
For people living in Scotland, there are a range of debt solutions available including a trust deed, sequestration, and the debt arrangement scheme.
- A trust deed
With a trust deed, someone in Scotland who is in debt can repay what they owe over an agreed period of time, this can be up to 48 months. The big attraction is that the amount that remains will be written off as unaffordable.
- A debt arrangement scheme
The debt arrangement scheme works in a similar way to a trust deed and is run by the Scottish government. Again, it’s only available to those living in Scotland and are struggling financially. The big difference between a debt arrangement scheme and a trust deed is that all of the debts are repaid over a longer period but at an amount you can afford.
Sequestration is better known as bankruptcy and for people living in Scotland there are some pros and cons for undertaking this course of action. However, very careful thought needs to be given before embarking on sequestration and it’s always advisable to seek professional debt advice from experts before doing so.
Team of debt advisers is available to speak with at Scotland’s Trust Deed
Indeed, there is a friendly team of debt advisers available to speak with at Scotland’s Trust Deed and their advice is impartial so you do not have to act on it.
However, it is always worthwhile to listen to what can be done to help someone struggling with their debts to get onto an even financial keel as soon as possible.
If you live in Scotland and are struggling with money, then speak with the Scotland’s Trust Deed debt advisers to find out what you can do to improve things.