Christmas hangover may last all year according to National Homebuyers
Hundreds of thousands of Britons are set to struggle with financial difficulties in 2008 because they overspent at Christmas.
[UKPRwire, Tue Jan 22 2008] That is according to Sainsbury's Finance, which said that 438,000 people expect it to take over a year to pay back their festive spending.
Over six million anticipate that they will still be repaying their debts by March and over two million will be in the same situation by June.
It is bad news for anyone in financial difficulties and may hamper their ability to keep up with mortgage repayments.
"We estimate that around 18 per cent of Christmas spending was placed on credit cards," said Donald Macleod, head of cards at Sainsbury's Finance.
"Our research indicates that around 8.6 million people intended to put half or more of their festive spending on cards," he added.
The study revealed that only 61 per cent of those questioned believe that they will have cleared their Christmas debt by the end of January.
Fast property sale expert Julian King adds, "Homeowners looking for quick access to cash should consider a Mortgage Rescue Scheme such as Sell and Rent Back.
"With Sell and Rent Back the homeowner is able to sell their property quickly, often avoiding bailiffs or repossession, but remain living in their home".
Mr King is a director of National Homebuyers, the UK's leading Sell and Rent Back provider. The company also arranges for immediate purchases of properties for vendors who need a quick house sale for whatever reason.