Three in four parents risk debt to entertain kids at Christmas

9 December 2009

According to research by the internet bank Egg, three in four parents admit they spend more than they can afford - risking getting into debt - to keep their children entertained over the festive period, headlinemoney.co.uk reports.

The research, which involved an online poll of 2,001 British adults, found that the average family is set to spend around £40 a day over the school holidays in an attempt to keep their kids occupied. This will amount to almost £540 over the two-week break.

Spokesperson for Egg, Vanessa Wood, said: "Christmas is the most expensive time of the year for a lot of families - but being smart about how you spend money can really help spread the cost of Christmas."

A debt management expert for Gregory Pennington added: "It is important that anyone thinking of taking on debt over Christmas is certain they will be able to repay it.

"Recent research has found that 4.7m people are still repaying the debt that they took on last Christmas - which highlights the risks of taking on debt over the festive period."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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