The Bank of England has reported that households will have spent on average an extra £740 this month to pay for Christmas. This is a 29% increase than the usual monthly spend.
This Christmas, consumers have not necessarily had to get credit to pay for presents. Food is reported to have risen on average by 18% in the last year. Inflation has risen on food by 16.2% and these statistics have had a negative effect on UK adults. 54% of adults have reported mental health issues due to concerns about their finances.
If the past year has had a negative impact on your financial situation, or you are facing increasing debt costs over the next few months, feel free to call us for a discussion on what debt solutions could be available to suit your personal situation.