Over 4 million people in the UK have yet to pay off loans taken out last Christmas, though still plan to borrow more money for the impending festive season. It has been reported that this December will cost UK consumers £53 billion, with over a fifth of that being spent on credit cards . Despite the large sums forecast to be spent this month, 4.4 million people have reportedly still got loans outstanding from this time last year.
A study by APACS shows that 2 in 5 people feel that they will need to take out a loan to cover the costs of the approaching Christmas period. Furthermore, the study also showed that nearly half of British adults had to take out extra loans last year to cover their December expenditure.
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