People will look to credit to fund Christmas

A "huge number" of people risk getting into trouble with debt and could find themselves needing help with money after Christmas this year, it has been claimed.

Independent personal finance advice service AWD Chase de Vere has stated that relying on credit such as from cards or loans over Christmas could leave consumers needing help with finance at a later date.

Instead of splashing out on expensive gifts, consumers might like to focus on imagination rather than cost, a representative stated.

Susan Hannums, savings manager for AWD Chase de Vere said that this is particularly true for friends and older relatives - as it is harder to resolve difficulties in spending for children.

She added: "The spending and the mortgage rates are going up … there's a lot happening and it's a very worrying time.

"But the message really is that you've got to forward plan. We've got to get into the savings habit and get away from using credit cards day-to-day, really."

According to figures from Credit Action in January this year, Britain's personal debt is increasing by more than £1 million every four minutes.