Interesting Christmas Fact - Christmas Borrowing

According to figures released by the Circle Housing organisation, about 7 million people in the UK are expected to take out a loan to cover the crippling cost of Christmas.

(It gets worse; according to the Money Advice Service, one million Brits will use a payday loan to cover the cost of Christmas while a third of adults will use credit cards.  Two of the most expensive ways of borrowing money.

In 2012 Brits spent an average of £1,000 per household on Christmas and some of them haven't paid that back yet.

The harsh reality is, if you can't afford to buy something without paying with credit, don't buy it.  If you are feeling pressured into buying presents you can't afford, be honest and tell people, including your children, you simply can't afford it. They will be more understanding than you think, and you can offer to start a fund to buy their "must have" item later when you have enough to buy it with hard cash.  If you have to have something to wrap, make something. 

If you live in the UK, and you are already caught in a cycle of debt; get professional help.

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