It may not be a very merry Christmas for Britons this year as more than one million will turn to payday lenders in the run up to the festive season.
Research by the Money Advice Service (MAS), an independent body set up by government, has found that one in 40 (2.44%) surveyed were thinking about taking out loans, and a third (32%) expect to rack up credit card debts.
The research, that surveyed 2,000 people in October, found that two-fifths (38%) of those polled were worried about how they would cope with costs.
Also, one in 11 people (9%) said they are still paying off debts from last Christmas.
Britons collectively are expected to spend £24bn this festive seaason – that’s £1bn less than Christmas 2012.
Jane Symonds, head of service delivery at MAS, said: “Christmas is an exciting time to catch up with family and friends but can also be a worry financially, and very stressful if money is tight. Getting to grips with the costs in advance of the big day will help you take control of your spending and alleviate some of the pressure.”
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