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Credit Card Debt Warning For UK Shoppers |
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(13th December 2007)
Christmas shoppers are being warned against overspending during the festive season, as experts warn that personal insolvencies look set to reach record high levels in 2008.
A new survey conducted by accountancy firm Armstrong Watson found that 58 per cent of consumers plan to max out their credit cards over the holiday period in order to buy loved ones luxury gifts.
And with retailers expecting to sell over £12 billion worth of goods during the run-up to Christmas, David Squire, financial planning director of Armstrong Watson, said that too many people seem to be ignoring the risks of borrowing at unsustainable levels.
"Credit crunch alarm bells don't seem to be ringing too loudly and with added confidence from the drop in interest rates down to 5.5 per cent, people don’t appear to be listening to their financial conscience when it comes to filling the Christmas stockings," Mr Squire bemoaned.
His comments come on the heels of a warning by Capital Economics that personal insolvencies will rise seven per cent next year to 115,000 as more people find themselves in need of credit card debt relief.
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News brought to you by Start Again Finance, specialists in bad credit mortgage advice, loans, credit cards, savings and insurance. |
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