Print Shortlink

Spending More Than You Should on the Holidays?

christmas-1103957_960_720The British Bankers’ Association has reported that credit card spending volumes are up 14% annually. Official figures reveal that, on top of this, households are saving even less with savings dropping to the lowest point since 1963.

Figures from YouGov show that borrowing on credit cards has increased from £5,537 in November 2014 to £6,114 in November 2015.

Findings from Aviva indicate that most people don’t save money or budget ahead of time for Christmas, causing 25% of them to overspend or go into debt.

As the The BBA said: “Increased demand for personal loans continues to reflect better credit availability, low interest rates and stronger household finances.”

Read the whole article to learn more about these nerve-racking practices.