The bulk of that money will be spent on presents but almost half of Britons will turn to credit cards and overdrafts to cover the cost.Read the full story ›
- Work out a basic budget, including rent, gas, electricity, travel and food
- Prioritise the most important bills. The consequences for not paying some debts, like rent or council tax, can be much more serious than for others, so paying these first is important. Once you have done that, you can look at your budget and work out how much can go towards other debts
- Make the most of the offers available to young people. Under 25s can often get discounts on travel and you may not have to pay council tax if you are in full-time education or on an apprenticeship. Check citizensadvice.org.uk for more information
A new generation of young people are burdening themselves with "stifling" levels of debt, Citizens Advice has warned, after seeing the number of requests for help from this age group surge by a fifth in a year.
Across Wales and England people aged 17 to 24 have asked the charity for help with 102,296 debt issues in the last year - a figure 21% higher than the previous year.
Citizens Advice also said its analysis of official data, covering the UK as a whole, found that young people have £12,215 of "unsecured" (non-mortgage) debt on average, more than three times the average £3,988 debt just before the financial downturn between 2006 and 2008.
There have also been changes in the types of loans they are shouldering.The charity said that while much of the debt rise is due to student loans, there has also been an increase in "formal" loans such as bank or payday lending, as well as borrowing from friends and family.
Many young people already face challenges getting on the career and housing ladders - doing this while saddled with huge unsecured debts makes it an uphill struggle.
One in six people in Wales are in too much debt, according to a new report. Citizens Advice Cymru has tips on how best to stay afloat.Read the full story ›
Victoria Winckler from think tank the Bevan Foundation says it is "really worrying" how many people in Wales are in too much debt.
She said: "There is a problem at the bottom of the scale, where people simply don't have enough to make ends meet, and they can be tipped over into financial difficulty through no fault of their own, such as the birth of a child or having a bill to pay."
400,000 people in Wales - around one in six of the population - are in too much debt, according to a new report.
The report was commissioned by the Welsh Government and delivered by the Public Policy Institute for Wales.
The Welsh Government says low income is strongly linked with indebtedness and financial exclusion - where people cannot access lower-cost borrowing and resort to payday lenders or loan sharks.
We know that one in six people are being over burdened by debt, which is too many.
While there are many factors which cause people to go into poverty we believe that the impact of the UK Government's welfare reform is too deep, too fast and changes to the benefits system, including the bedroom tax, is contributing to the poverty problems faced by individuals, families and communities in Wales.
Credit unions offer a real, community based alternative to traditional banks and payday lenders.
Families across Wales are feeling the pinch as the cost of their festive spending begins to hit home, with many turning to pawnbrokers to pay the bills. Richard Morgan reports.
Dayne Owens, of the Citizens Advice Bureau, says many families are getting into debt not only on Christmas presents, but everyday items such as food and clothes.
Debt and benefit surgeries are being run in Carmarthenshire for residents struggling with debt.
RDP Sir Gâr are hosting free drop-in surgeries advising on benefit claims, debt management, entitlement checks, getting back to work and budgeting.
The surgeries are part of the Rural Community Inclusion project that aims to increase the availability and accessibility of basic services and facilities in rural areas.
The idea is to reach out to people who are unable to access central services. People can come to me with a whole range of queries.
In terms of debts, it can be anything from basic budgeting to more complicated things like dealing with creditors.
To find out more contact: Bex Llewhelin firstname.lastname@example.org or call
01267 242 344 / 07717 527252.
According to the Citizens Advice Bureau, more people than ever before have taken out payday loans over this festive season than ever before.
Anyone struggling to pay off their Christmas spending can get free advice on how to deal with their debt from the Citizens Advice Bureau.
Other groups offering help include debt charity Stepchange which has a free helpline 0800 138 1111 and a 24-hour anonymous online counselling service, and National Debtline which offers free, confidential advice on 0808 808 4000.