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Flexible friends reappear on Christmas Eve

A report into the UK credit card industry has confirmed a last minute rush on Christmas Eve which saw around £240 million spent on gifts. Despite the fact that UK credit card rates are significantly higher than they were at the start of the year, it seems that more and more people are still happy to pile up debt on their flexible friends.

Many UK consumers have a very bizarre outlook with regards to Christmas and credit, with a significant number more than happy to pile up debt beyond manageable levels in the run-up to the festive period and then worry about paying it back in the New Year. However, when you also consider that the UK job market is still under pressure, the economy is not yet out of recession and inflation is starting to rear its head again, there could be more problems around the corner for those in debt.

It is estimated that bankruptcies in the UK will continue to climb to record levels for the next 18 months, a factor which many people seem to be ignoring - often assuming that when the economy turns, everything else will turn with it. The truth is that the UK economy has been severely damaged by the credit crunch and recession and it will take some time to recover.

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