31pc could find themselves in festive debt

The Momentum UK Team 13 December 2011

Christmas could carry a heavy price for many households this year as a recent YouGov poll suggests almost a third of adults will go into debt across the festive period.

The survey included 2,015 adults and suggested that 31% will find themselves in festive debt, with 11% losing track of spending.

The survey comes hot on the heels of recent data suggesting that up to 3.5million could see themselves turning to a short term high interest payday loans across the next six months.

Research by one high street retailer found that 39% of those surveyed fail to make a budget for Christmas spending, and of those that do 46% will not stick to it.

With rising inflation, stagnating wages and unemployment at its highest in 8 years taking on extra debt this Christmas could quickly spiral.