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Bank Charges: Scots borrow money to fund Christmas

Half of people in Scotland are being forced to borrow money from relatives to keep Christmas on track.

New research by the Bank of Scotland found that one in five will need help to buy presents, while 48 per cent will rely on some other kind of financial assistance.

Furthermore, 18 per cent of Scots will be calling on family members to provide some of the Christmas dinner, compared to just ten per cent in the UK.

With Christmas likely to pull the purse strings, Scots struggling with debt or bank charges may find it difficult to be merry during season of good will.

"We know that Christmas is a difficult time, with pressures on the family purse strings colliding with winter fuel bills, the cost of entertaining and what can seem like a long wait between pay-days," explained Centre for the Modern Family panellist and Head of Which? Money James Daley.

The figures coincide with research from Halifax, which revealed that Brits are raiding their savings in the run up to Christmas, despite putting the money away for different purposes.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801507910-ADNFCR

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