Is this year going to be the biggest Christmas debt hangover?

January 3, 2008 on 11:06 am | In Debt Management

There has been a massive increase in the number of people spending online and using credit and debit cards to do their Christmas shopping. The answer to the question, ‘Is this year going to be the biggest Christmas debt hangover?’ has got to be YES.

We have spent our way into debt. Personal debt will be the biggest political topic this year and with interest rates at a six year high things are not going to improve, especially when you read that paying off our debts and mortgages are way down on our priority list.

The first bills are going to hit shortly and when they do have a look at how much of your disposable income is being used to repay your debts. If more than 35% of your income goes on servicing debt then you’re in trouble.

 

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