COMMENT

WITH the Newyear nearly upon us, millions of Britons will soon be forced to deal with the harsh financial consequences of the traditional Christmas spending splurge.

Earlier this month, debt charity Stepchange released alarming research which found that seven out of 10 people will not be able to comfortably afford Christmas. It also found that 31 per cent planned to borrow to pay for Christmas and that the average time people take to pay back said festive debts is seven-and-a-half months.

This means that for many, the traditional reduction in January spending is not a choice, it is necessity, one that will to have be repeated months down the line. According to the ONS, household debt has been rising since 2012 and currently stands at £1.3 trillion.the National Audit Office estimates that more than eight million have debts so high they cannot pay them back.what is worrying is that if so many have problem debt now when interest rates are at historic lows, how many more will suffer when they inevitably rise?

I urge everyone to take a hard look at their personal finances now and in particular, come up with a plan and start cutting their non-mortgage debts. It may hurt, but it will hurt a lot less than the pain of struggling with problem debt. ● geoff.ho@express.co.uk