The Nation Is Set For A Financial Hangover As The End Of The Year Approaches, According To The Publication Of A New Report

Category: Finance, Personal Finance.

The nation is set for a financial hangover as the end of the year approaches, according to the publication of a new report. And with such expenditure beyond their original intentions expected to account for an average amount of 174 pounds, a number of consumers could find themselves developing difficulties making secured loan repayments, meeting mortgage costs and other essential expenses well into the new year.

A recent study released by Lloyds TSB indicates that over half of Britons( 59 per cent) believe that they are on track to exceed their intended spending over the festive season. Overall, the country s Christmas spending hangover is set to account for some 7 billion pounds. Conversely, older people could be on track for the least amount of financial pressure, as those over the age of 65 are predicted to overspend by 105 pounds. However problems in handling various areas of their finances, such as home loans, could become even more pronounced for 45 to 54- year- olds as they are due to splash out 214 pounds more than they had at first intended. Commenting on the data, managing director of, Ian Larkin consumer banking for Lloyds TSB, said: "Presents, food, decorations, drink, Christmas tree, party outfits- the list of Christmas expenses can be a long one and it s easy to end up spending more than you intended. Set a budget, see where you can make savings and speak to your bank if you need a helping hand. " In addition research from the financial services firm indicates that 13 per cent of Britons only begin to become concerned about their expenditure in the days immediately leading up to Christmas. If you think your finances are going to be a bit stretched then try and plan ahead.

However, debt difficulties could be even more increased for the one in ten consumers who do not think about their money until receiving a bank statement in January. To help get their money management back on track in the new year, more than a fifth of consumers state that they will do overtime or get a second job, while 36 per cent state that they will go out less often in January. The study also revealed that overspenders believe it will take them five weeks after this Christmas Day to get to grips with their financial management, with January 31st being the day their finances can take a breather once more. In comparison, just over a quarter of respondents declare that they aim to avoid shopping in the new year sales. However, borrowers should take the time to ensure that upon receiving a loan they avoid going back into the red. Another way for consumers to get back on their financial feet in the wake of overspending could be by taking out a low- rate loan as a means of debt consolidation, which may help many borrowers meet numerous monetary commitments with ease. Such lending could be particularly welcome for older people, as research conducted by the GMB union showed that pensioners living in Devon are developing increasing financial difficulties.

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