Christmas debt and the GRINCHs

By Matthew Plant – Financial specialist

A report from the Co-operative Financial Services (CFS) tells us a few things about a group known as GRINCHs - and why they`re particularly likely to end up with debt problems after Christmas.

In this case, GRINCH actually stands for `Generation Recognised In Need of Credit Help`. One in three under-35s feel pressured to take on debt to pay for Christmas, which makes them more likely to make decisions that `could lead to a far from festive future`.

According to a survey by The Co-Operative Electrical, over 50% of people between 24 and 35 don`t know how much interest they`re being charged on the debts they`re carrying.

They`re also more than twice as likely to have been turned down for an overdraft or loan - and around one in three would be prepared to borrow on credit cards if that happened.

Around one in ten would turn to payday loans, home-collected credit or doorstep lenders who aren`t authorised. Under 1% would turn to their community credit union.

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Tags: debt, Cooperative, GRINCH, Christmas, overdraft, loan, payday loans

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