Debt charities get ready for enquiries
January 9, 2008
With Christmas well and truly over for another year debt charities and agencies such as the Citizen’s Advice Bureau are now preparing themselves for the mass influx of debt related enquiries that is expected across the UK. The Christmas season will have seen many consumers overspend on credit cards and through other forms of finance, and as a result many will now face severe financial difficulties as the New Year kicks off, with many being forced to seek advice in order to try and sort out their financial woes.
Every year the level of debt related enquiries soars following the festive season, with many consumers suddenly realising just what a mess their finances are in. This year could hit particularly hard, as tight credit conditions due to the credit crunch could make it impossible for some consumers to seek other routes for sorting their financial problems out, and high mortgage repayments, energy costs, food costs, and petrol prices could see an increase in financial difficulties for many households.
Officials from the Citizen’s Advice Bureau have stated that there is nothing unusual about getting a flood of enquiries from sufferers of financial hangovers at this time of year, adding that in this credit oriented society it is all too easy to get carried away with store and credit cards and spend far more than is sensible or affordable, not bothering to think about the consequences until the New Year comes around.
Experts are now warning that the level of debt that many people may have got themselves into over the festive season could see thousands of people applying for insolvency over the first few months of the year simply as a result of the amount spent over the festive season.
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