Figures from Credit Action show the average amount owed by every adult is almost £30,000.
This is costing £174million in interest charges every day.
The worry is that Christmas will see more people overspending and ending up deeper in debt.
Credit Action’s spokesperson says: “All of us are facing a tough time this Christmas. Over the course of the next 23 days there will be significant pressure to increase our spending and possibly borrow more to fund it.
We should all be careful this year and try not to overspend over the festive period. We could face a troubled 2012 if we do.
Is it worth ending up in debt for one day of the year? We don’t think so but some disagree. We think you should set yourself a budget and stick to it this christmas. Cut back on non essentials and don’t overspend on food and presents this year. Remember to compare prices before you buy, prices vary drastically for some items and you could find yourself a bargain.
Leave your credit cards at home when you go shopping, this will avoid the temptation of using it. If you are using your debit card, know how much you have to spend and don’t go over your limit – going over your agreed overdraft will result in extortionate fees and charges.
Christmas is not about expensive purchases that you cannot afford, it is about family, friends and small, fun gestures.
Spend wisely over the festive period.
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