One in 10 using BNPL for Christmas spending this year

Based on new research from the National Debtline, it also suggests 6.5 million people in the UK will struggle to heat their homes as much as they need in December. Meanwhile, 2.7 million are having to choose between buying food or presents, and four in 10 plan to use credit for Christmas spending.  

More broadly, 30% of people are planning on cutting back on the number of presents they buy, with this figure rising to 43% for people in debt. Meanwhile, 13% are only planning to buy presents for children – with this rising to 18% for people in debt.  

Despite this, people are not sharing this information with those closest to them – with 18% saying they’ve not told anyone about their situation, while one in 10 fear telling their partner or a loved one.  

David Cheadle, acting chief executive of the Money Advice Trust – which runs the National Debtline – said: “This Christmas the cost of living is set to be felt more than ever with millions of people struggling to heat their homes and many experiencing money worries alone, feeling they have no one to turn to for help.   

“It shouldn’t be this way. No one has to go through debt problems on their own.  

“I would encourage anyone worried about money to pick up the phone this December and speak to one of our National Debtline advisers. They know first-hand the difference speaking about your money worries can have – and taking this first step to dealing with your situation will give you some peace of mind this Christmas.

“We remain deeply concerned about the long-term impact that rising arrears will have on household finances going into 2024 and beyond. After missing the opportunity to help people in debt in the Autumn Statement, we are continuing to press the government to introduce a Help to Repay scheme for energy arrears – and extend the Household Support Fund which is providing crucial local support.”