- Wednesday, 20 January 2010An
IVA may help the more than 14 million people suffering post-Christmas debt stress.
New research from the Post Office Christmas Club found that for 29 per cent of people, the cost of the festive season has led to increased financial stress in the new year.
Of the ten per cent who had to increase their debts over Christmas, over a third will be forced to cut back on essentials such as food and utility bills in order to repay debts, according to the study.
The research also revealed a reduction in the number of people who budgeted for the Christmas period - 27 per cent saved in advance, compared to 33 per cent in 2008.
Post Office Christmas Club spokesman Michael Birchall said for millions of people debt and financial worries will be a constant reminder of their Christmas expenditure throughout the year.
"People may not feel ready to start thinking about the 2010 festive season but now really is the time to consider saving," he said.
Recent research from personal finance organisation Saga reveals that more people used their credit cards to fund Christmas, and will typically take three months (90 days) to pay off any subsequent debt.
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