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How Will You Pay For Christmas?

As the British obsession with Christmas looks set to kick in very soon it has emerged that the vast majority of people will be extending overdrafts where possible and pushing their credit cards to the limit. So is this madness or just human nature?

In a normal world many people would look to save up for Christmas gifts for the family etc and maybe top it up with a little bit of debt, but this year things seem to be very different. The vast majority of UK residents have no savings left, some are literally living hand to mouth and times are getting hard, so what can they do?

It seems that record numbers in the UK will be enjoying Christmas knowing that they will struggle to pay back what they have borrowed. The banks are well aware of this and while they are more than happy to make money when you use your card, many people can expect a reminded through the door in the run up to Christmas of even see their credit limits reduced. The banks will not be putting on their Father Christmas outfits this year, more like Scrooge!

You have been warned....

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