Interesting Facts

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...

According to accountants PricewaterhouseCoopers. British households have some of the biggest debts in the world. (The average household is £7,900 in the red. despite families tightening their belts to each repay about £355 in 2011, they will still owe about £7,500 by 2013.  The good news is, c redit card borrowing fell by five per cent in 2011, leaving the average balance at about £1,000.  So, at least that shows people are becoming a bit smarter about how they borrow.) Source