Credit Action – Debt Stats Round up (December 2011)

  • Every 4.35 minutes someone will be declared insolvent or bankrupt
  • Every 14.28 minutes a property is repossessed
  • 1,611 people are made redundant daily
  • Citizens Advice Bureaux deal with 8,910 new debt problems each working day
  • The average household debt (including mortgages) is £55,808
  • 868,000 people in the UK have been unemployed for 12 months or more
  • £174,000,000 is the amount of personal interest paid in the UK on a daily basis

Christmas will push third of UK into debt, says YouGov

Almost one in three people in the UK will go into debt over the Christmas period, according to a YouGov survey.

The survey of 2,015 adults suggests 11% of Britons will lose track of spending, with 31% going into some form of debt to fund Christmas-related costs.

Of these, it suggests 58% will rely more heavily on their credit cards and most of the remainder will cover their costs by using overdraft facilities.

Read the full article at bbc.co.uk

Cut price Christmas for 60% of Brits this year

It will be a cut price Christmas for the majority of Brits this year according to new research from uSwitch.com with six in ten spending less on presents, food, cards and booze in an attempt to save money.

The research highlighted:

  • Over a third of Brits will be buying ‘own brand’ and a fifth will be buying ‘value’ items for their Christmas dinner this year.
  • Almost two in ten will be enjoying a cheaper joint of meat this year while 12% will go without a traditional Christmas pudding.
  • 43% will be dishing up smaller portions to avoid leftovers.

With hard up consumers hoping to save almost £70 on average and over a fifth of those surveyed hoping to save £100, it looks like there will be a little less food on the Christmas table and fewer presents under the Christmas tree this year.

 

Source:  uSwitch.com

Parents under pressure as more youngsters ask Santa for brand name gadgets

As they try to cut the cost of Christmas, parents are spending less on high-tech gifts for their children this year, according to research from uSwitch.  Last year, parents were spending an average of £108 on technology and their children’s Christmas presents.  This year, the average expected spend has dropped to £99.

The research found that with families feeling the financial pinch, just under half of parents will struggle to afford the electronic gadgets requested by their children this Christmas.  One in ten are even waiting until the January sales in order to make the most of the annual price slash.

More than a quarter of five to seven year olds have a technology gift at the top of their Christmas list including tablets, game consoles and mobile phones.  However, despite asking for the most popular brands, almost a fifth of parents say they will ignore their children’s brand loyalty and opt for a cheaper, more affordable gadget.

 

Source:  uSwitch.com

Cost of Christmas dinner to increase, say researchers

According to research carried out by the University of Nottingham, a Christmas dinner for six will cost an average of £74, that’s £3.70 higher than last year.

The increase is due to food price inflation which is at a 20 year high.

The research also found the cost of an average supermarket shopping trip was 5% higher than this time last year.

However, good news….Professor Wyn Morgan from the university said inflation had peaked and consumers should see a fall over the next 12 months.

 

Source: bbc.co.uk

Cash strapped consumers putting Christmas on hold

Christmas will be put on hold for many this year as cash-strapped consumers wait to buy gifts in the January sales, says new research from uSwitch.com

In a bid to cut the cost of the festive season, 26% of Brits are considering giving loved ones an IOU this year.  Almost four in ten are resorting to IOUs because they cannot afford presents this year and one in ten are doing so because they can’t afford presents unless they’re in the sale.

However, it’s not all about juggling the family finances, almost a fifth of those giving an IOU are doing so because they think they’ll be able to afford a bigger and better gift in the sales.

 

Source: uSwitch.com