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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Xmas spending spiral catches up in March

Xmas spending spiral catches up in March


Over-spending at Christmas triggers almost a third of personal insolvencies in March. That is according to figures from insolvency trade body R3. It predicts there will be 150000 personal insolvencies in the UK in 2010. R3 President Peter Sargent says: “Many people who were struggling financially at the end of last year allowed their spending to spiral during the festive season, in order to give their families a normal Christmas.” He adds that many people wait up to six months before seeking help, because of the stigma of being declared insolvent. For people struggling with debt problems, seeking debt advice from a trusted organisation like ClearStart is the first step to taking control of personal finances.

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