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UK Approaches Christmas £1.3 Trillion in Debt
03/10/2007
The Christmas party and holiday season is taking on a grim colour for retailers as debt rises in the UK. Banks are advising consumers to watch their spending and not rely on credit to finance large Christmas purchases and an extravagant Christmas party.
Financial advisors say it is unwise to borrow huge amounts of money where the repayments are only affordable if the interest rates remain at their initial levels. Interest rates are expected to rise. City economists believe interest rates may rise from 5.5 to 5.75 per cent by August. This could mean a 6 per cent interest rate by Autumn and even higher by next year’s Christmas party season. EditorsChoice reports “traders saw a rough Christmas 2006 due to the overwhelming amount of debt Britons had collected due to a housing boom and sky high prices for first time buyers.” This year is predicted to get worse. Financial advisors recommend setting a budget for a Christmas party and pay for items in cash instead of credits. Party planners recommend asking guests to bring a bottle of wine or alcohol along. Planners estimate hosts usually spend 40% of the Christmas party budget on alcohol.  Click here for more on London's best events and Christmas parties.
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