The families of the United Kingdom are forced to comply with adjustments to their finances for parties at the end of the year amid the cost of living crisis that is plaguing the country.
According to a report from the National Debt Line organization, about 6.5 million people will have difficulty heating their homes during the summer. Christmas time, while 2.7 million had to choose between buying food or gifts.
In that sense, there are more than 14 million consumers They plan to limit the number of gifts they plan to buy this year, while 6 million said they may only buy gifts for children.
Similarly, apparently more than 24 million adults plan to use a line of credit to pay for Christmas gifts. Christmas. Among them, 12 million intend to use credit cards, while 4.7 million will use a “buy now, pay later” loan.
Financial time bomb
“This Christmas, the cost of living crisis will be felt more than ever, with millions of people struggling to heat their homes and many experiencing money worries,” said David Cheadle, interim chief executive of Money Advice Trust, which runs the National Debtline.
“We remain concerned about the long-term impact of rising household financial arrears through 2024 and beyond,” he continued. “After losing the opportunity to help people in debt in the autumn statement, we continue to press the government to introduce a ‘help to pay’ scheme for energy arrears and to expand the household support fund that provides additional support. important area,” he stated.
Along these lines, the National Debtline warned that such a situation could be a ‘time bomb’, as many of those in debt hide their financial situation. According to a survey by the organization, almost a quarter of defaulters say they are ashamed of their situation, and 10% are afraid to tell their partner or loved one.