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Around 30m Brits 'set for £8bn debt hangover'
Christmas spending is likely to send around 30 million Brits into debt over the coming month or so, new research has suggested.
Commissioned by Money.co.uk, the study has found that, collectively, such people could start 2010 with up to £8 billion of debt, which they may choose to consolidate through a range of loans.
Adults are set to fund their festive fun through a combination of credit cards, savings and money available over the period, despite 4.7 million admitting to still paying off debts from Christmas last year.
Chris Morling, managing director at Money.co.uk, said: "There is no reason at all why families across Britain should not have a wonderful Christmas this year, but you have to worry about the effect all this last minute spending will have in January.
"Lots of people are likely to be very short of cash going into the New Year, which would not make for a great start to 2010."
Chris Tapp, director of national money education charity Credit Action, recently claimed that more people than ever are worried about the state of their finances.