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Many Will Use Payday Loans This Festive Season

Written By On 01/11/2013

The Money Advice Service conducted a survey last month that suggests about one and a quarter million adults across Britain intend to use a payday loan to help them with their extra Christmas expenses.

The independent service company who were set up by the government researched two thousand people in their survey. The results also revealed that over twelve times as many will probably use a credit card to get them through the festive holidays.

Last year's Christmas festivities was estimated to have cost Britain's public around twenty five billion pounds. However, if the government supported group's figures pan out proportionately correct, then it looks like this year may be about five per cent less.

On average, the consensus of people's opinion is that they will not be spending as much as the previous year as it will likely be under the five hundred pound mark.

Approximately eight hundred people from the two thousand surveyed felt pressurised to the point of having to make an extra effort over the festive season for their loved ones. A similar amount admitted that they will need to struggle financially to get through it.

Worryingly, nearly seven hundred surveyed are expecting to begin the new year in financial debt even though they are trying to cut expenses. Again, if this report is a fair indication to the rest of Britain, then this would translate to about sixteen and a half million inhabitants, which is about a third of the UK adult population.

Money Advice Service's Jane Symonds understands that Christmas can be 'very stressful financially', but she advises

Getting to grips with the costs in advance of the big day will help you take control of your spending and alleviate some of the pressure.