One third of UK shoppers left in credit card debt after Christmas

One third of UK shoppers left in credit card debt after Christmas

Over the Christmas and New Year periods, and even when the sales were launched after the festive season, many people in the UK were quick to dust off their credit cards and start shopping in earnest for everything from Christmas gifts and clothes for New Year’s events to the bargains that they were available to snap up in the sales.

However, many of the people that have been using their credit cards to shop over the Christmas period have now found that they have been left with spiralling debt on high interest credit cards, resulting in them starting the New Year with money worried. It is thought that around one third of shoppers have ended up in debt as a result of their Christmas and New Year’s spending spree, which means that many will be starting the year with their own mini debt crisis.

Around 40 percent of consumers are said to have used their credit cards for spending over the Christmas and New Year period as well as for purchases such as food shopping, rent or mortgage payments, and a variety of other expenditure. In the Christmas sales alone a total of £4.3 billion was spent in just two days, creating a new record.

On top of this, many people will end up accruing further debt over the course of this month, with the financial strains of the recent festive season leaving them short of money for January. This means that there could be even more credit card debt to be dealt with by the time next month comes around. According to a survey carried out by YouGov around twelve million people will be relying on their credit cards for all sorts of purchases in January.

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