Debt woes spike in January

Hard-up Brits have been moaning in their millions during January, with a report entitled #Cashtags from peer-to-peer lending service Zopa highlighting just how much worse off many of us are in the wake of the Christmas holiday season. In analysis of social media posts, Zopa found two thirds of money worries shared online come fromRead More

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Hard-up Brits have been moaning in their millions during January, with a report entitled #Cashtags from peer-to-peer lending service Zopa highlighting just how much worse off many of us are in the wake of the Christmas holiday season.


In analysis of social media posts, Zopa found two thirds of money worries shared online come from men, evidence once again of their greater likelihood to fall into debt difficulties.

But across the board, mentions of money in a negative sense were up in early January, with terms like ‘debt’, ‘overdraft’ and the more colloquial ‘skint’ all described as “through the roof”.

Giles Andrews, CEO and co-founder of Zopa, said: “With events such as Black Friday in November and many online retailers beginning their January sales on Christmas Day, it’s very easy to get carried away with your money over the holiday season.

“As a result, more people are turning to social media to share their financial woes. However, they would be better served seeking sound financial advice and cutting their expenditure on unmanageable forms of credit such as credit cards, store cards and payday loans, to set them up for a financially fitter 2015.”

The biggest increase in the first fortnight of the year was ‘hard-up’, up by 100% compared to the same period in November.

‘Brassic’ increased in usage by 62%, ‘penniless’ by 59%, ‘debt’ 35%, ‘overdraft’ 34% and ‘skint’ was up by 14%.

Women in particular complained more frequently about their overdraft, even though men dominated the figures in general – and ‘poor’, ‘pennies’ and ‘credit card’ all surged in usage too, indicating the broad range of different debt problems Brits are facing so far in 2015.

 

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