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Christmas debt warning from Savebuckets.com poll
Thursday 30th October 2008Some families are still paying off debts built up last Christmas, a report has claimed.
Financial website Savebuckets.com released the research today, 24 per cent of people who funded their festive spend through cards and loans still owe money.
The report also found that a slightly higher number (29 per cent) managed to clear these debts during January.
In total, four in ten people used credit to make ends meet last Christmas, Savebuckets.com said.
However, in 2008 many of the cheapest loan and cards deals were taken off the market due to the credit crunch - which could mean that people face more serious debt problems this Christmas.
James Wenger, of Savebuckets.com, said: "With a rising number of Britons still paying for last Christmas it raises alarm bells over how the pattern will continue into 2009 as the economic turmoil continues."
According to charity Credit Action, the UK's total personal debt stands at around £1.4 trillion.
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