As new research shows a steep rise in the number of people in Scotland turning to credit this Christmas, StepChange shares its top tips for steering clear of debt over the festive season. Squeezed household finances and the highest level of inflation for decades have resulted in fewer than one in five (18%) of Scots saying they will comfortably be able to afford Christmas this year, compared with 44 per cent last year.
The survey by YouGov for StepChange Scotland shows nearly one in three (30%) Scots saying they expect they will struggle to afford Christmas, with a further 31 per cent saying they will have to cut back on their normal expenses to fund their festive spending. Three per cent say they won’t celebrate Christmas at all this year due to the cost of living crisis.
With living costs now taking up such a large proportion of people’s incomes, one in eight (12%) Scots will be relying on credit this Christmas, nearly double the proportion (7%) from last year.
