Loans: Cash-strapped Brits worried about Christmas

By Sarah Engle, Wed 12 Oct 2011 - Published in Loans

Many Brits are worried about how they will fund the cost of the Xmas festivities this year, according to research by moneysupermarket.com.

The website's report highlighted to people with loans, that despite Christmas being a few months away, almost two-thirds of UK households are concerned about getting through the holiday season.

Its poll revealed that this figure was up seven per cent on last year, and 15 per cent higher than in 2009.

Kevin Mountford, head of banking at moneysupermarket.com, said: "For many families Christmas is always a financially tricky time. This year will be tougher than most as a result of the increases in the cost of living and widespread pay freezes."

Research by Defaqto recently revealed that since 2009, the average APRs for unsecured loans have increased across all credit amounts it reviewed in the UK.

Its report highlighted that for a loan of Ł10,000, the APR has increased from 9.8 per cent two years ago to 11.2 per cent in 2011.

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