‘Almost half’ won’t repay Christmas debts in January

New research has suggested that of those who fell into debt in order to fund Christmas purchases, just over half expect to have repaid the full amount by the end of January.

The survey by Sainsbury’s Finance claims that only 56% of respondents expected to clear their Christmas debts by the end of the month.

Meanwhile, 12% believed they would repay the debts within 2-3 months, while a further 4% thought it would take as long as 4-6 months. 22% of respondents said they did not know how long it would take to repay their debt.

A spokesperson for debt management company Gregory Pennington said: “It is usually advisable for people to repay their debts as quickly as possible. This is especially the case in an economic downturn, as there is a greater likelihood of unexpected events that could limit people’s ability to repay their debts – such as redundancy.

“We advise anyone in debt to contact a professional debt adviser to discuss their situation. It may well be that a repayment plan is enough to limit the problem, but for some people, a professional debt solution might be more appropriate.”

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.