Christmas Will Lead to Record Debt Problems, Says Debt Help Site

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The Debt Help Site predict that overspending this Christmas will lead to serious debt problems and record figures of personal debt in the UK.

People feel under increasing pressure to spend more than they can afford at this time of year

As the festive season gets into full swing and shoppers fill the High Street, the Debt Help Site warns that overspending for a Merry Christmas this December could lead to a very unhappy New Year, and are predicting record levels of debt problems for 2006.

Personal debt is already over £1 trillion in the UK and research shows that more than three million people owe more than £10,000 on credit cards, loans and overdrafts.

But with millions using credit to fund their Christmas spending this year, Terry Galvin, editor of the Debt Help Site, believes that the UK's debt problem will suffer a sharp rise in the New Year.

"People feel under increasing pressure to spend more than they can afford at this time of year," says Galvin. "Unfortunately, that means using their plastic or taking out a loan or upping their overdraft.

"With the situation as it is, this Christmas is going to have an especially devastating effect on personal debt. There will be a lot more sore heads than usual come the New Year, more through overspending than overindulgence."

Galvin says more people should seek professional help for their debt problems.

"The real problems start when people fail to face up to their debts and allow the situation to spiral out of control," he says.

"There are always solutions for those in debt no matter how serious the problem, but the best people to find them are the professionals in the debt help industry, so no-one should be afraid to seek expert advice."

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