10 Million Brits Will Ignore Christmas Debts This January
LONDON, January 7, 2016 /PRNewswire/ --
One in five Brits[1] say they have no plans to sort their finances in January, despite record levels of pre-Christmas borrowing[2] and excessive spending over the festive period.
Research from credit checking service ClearScore shows that the ease and convenience of online shopping led nearly half (45%) of consumers to spend more than they planned over Christmas, rising to 60% for 18-24 year olds.
December was a month when many admit they buried their heads in the sand when it came to their finances: 43% of Brits say they checked their bank balance less than normal and nearly a third (31%) said they didn't want to look because of increased spending levels. Young people were the worst culprits, with 60% of 18-24 year olds ignoring their bank balance in December.
CEO and founder, ClearScore, Justin Basini comments: "It's understandable that people might be reluctant to face their finances after an expensive Christmas. But it's worrying that so many of us bury our heads in the sand. Now's the time to regain control, for example by setting up direct debits to pay off balances or switching to zero per cent balance transfer cards. It's also worth checking your credit score to make sure you're in a healthy position and get an idea of whether you may be eligible for cheaper credit deals."
Some areas in the UK will make more effort than others when it comes to paying off credit card balances or other debts. Over a third of people in London, Edinburgh and Glasgow pledge to avoid non-essential purchases in January whereas just 13% of people in Yorkshire will reduce spending this month to help manage debts.
About ClearScore:
ClearScore (http://www.clearscore.com) is a free service which allows consumers to access their credit report and scores for free. As well as offering a 100% free service, ClearScore guarantees privacy - promising to never sell customer data. ClearScore partners with credit reference agency Equifax to deliver the credit reports and score data. The product matching service is delivered in partnership with TotallyMoney.com.
Notes:
[1] Bank of England 'Money and Credit: November 2015' released 4.1.16
[ 2] Based on responses of 2000 adults (aged 18 years and above) conducted by Censuswide over period 24.12.15-3.1.16. 10 million figure arrived at by working out 20% of 50,909,098 (the number of adults in the UK according to the ONS)
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