Record numbers use payday loans to cover Xmas spending

A record four million people intend to take out payday loans to cover the cost of Christmas.


The research carried out by insolvency trade body R3 reveals that 8% of adults intend to take out short term payday loans to cope with the pressures of Christmas spending. 

The news comes despite the fact that almost 80% of Britons plan to give fewer gifts than last year with many agreeing with friends and family not to buy each other anything.  72% saying they were doing this to save money and 16% saying that it was because it was ‘less hassle’.

A survey by My found that the average budget for this Christmas was just £230 compared with £350 last year.

Andrew Cross @arcustax said “It’s worrying that people are increasingly using payday loans to cover their short term borrowing needs as they can be a costly way of covering the shortfall.  By putting away small sums throughout the year families can make sure they have more cash in their pockets for the festive season.”

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