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PPI Claims: Many 'will slip into debt this Christmas'

Payment protection insurance claims could provide the financial lump sum many families need to avoid falling into debt problems during the Christmas period.

A new survey from MoneySupermarket.com has found that ten million people believe that the extra expenditure associated with Christmas gifts will stretch their budgets so much they will need to rely on credit.

PPI claims could be a less expensive option for many, as 69 per cent of those will use a credit card and 23 per cent will use their overdraft.

Tim Moss, the site's head of loans and debt, said that the figures were not surprising as financial conditions in the UK this year had been particularly hard, but people could lessen the effects if they planned ahead.

"There are a number of ways they can reduce the Christmas spending hangover by the new year and it is essential to use the right product to meet their needs," he added.

Recent statistics from Credit Action revealed that each day in the UK, people pay a combined total of £174 million in personal interest. 

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801236400-ADNFCR



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