The Christmas credit rush comes early
A record amount of UK consumers are expected to take out personal loans over the next few weeks for the sole purpose of financing the festive period.
One of the countries largest savings and investment firms has revealed that the “Christmas Credit Rush” was already off to a flying start, with more than 20,000 people said to have submitted applications in the month of October. Commenting on the findings one analyst stated that credit acquisition had almost become as much a part of Christmas for some people, as turkey and mulled wine.
Christmas has always been an expensive time of year, however, it would appear that the cost of funding the season is becoming even more expensive as time goes by. Christmas is also one of the hardest times of the year for people who ordinarily struggle to manage their finances, with some experts suggesting that as many as 25% of the seriously indebted are pushed into Bankruptcy at and around Christmas time.
In addition, it is also thought that the collapse of one of the countries largest Christmas Hamper providers, which is a scheme designed to lighten the financial burden for the financially restricted, may also place additional pressures on families for Christmas 07.
