The festive period at the end of the year can be an expensive time, but how much does ‘putting Christmas on the card’ cost? Leading UK debt charity, StepChange, has published its research into the real cost of Christmas, with some eye-catching headline figures:
- 33% of those surveyed said they would be using credit to pay for part or all of their Christmas spending
- 7 months is the average time that people said it would take to pay off their Christmas spends. That means Christmas 2019 won’t be paid off until early summer 2020.
- A third of people said they will accrue debt at Christmas, with millennials the most likely, at 41%
How can Vida help?
- Vida will allow debt consolidation for any legal purpose on both Residential & Buy to Let product ranges
- Maximum up to 75% LTV for Residential and 85% LTV for BTL
Specialist mortgages made simple
Many of your clients will have a number of debts, including credit cards, overdrafts and payday loans, that they are servicing in addition to making their monthly mortgage repayments. Could they benefit from consolidating their debts at a lower interest rate, thereby reducing their overall monthly repayments and taking back control of their finances in 2020?
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