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Most of us welcome the longer daylight hours of springtime after a dark winter, but for some it raises the threat of personal insolvency, with more hours in the day to pay for.

Longer days may increase reliance on credit

Research by credit report provider Noddle shows that the average Briton must find an extra £150 per month to cover the costs of getting through the longer days of British Summertime.

For many people, that means increasing their reliance on credit, with 17% of those people using personal loans, 21% dipping into overdrafts and 79% spending on credit cards.

There are good reasons to use credit cards for large items like holidays, flights and accommodation, due to the extra protection you receive when spending in this way versus debit cards or direct bank transfers.

However, people also use their credit card for everyday spending such as new clothes and days out – a sign that the protection afforded to big-ticket items is not the deciding factor in using credit.

In total, 58% of people used their credit card to pay for going out, 29% for summer clothing and 28% for ‘everyday essentials’.

Lighter evenings equate to happier Brits

But it’s not all bad news, as for those who are able to manage their money effectively and avoid the threat of personal insolvency, the more active months of summer can help to bring plenty of happiness.

The survey found 33% of people stay out later into the evening when it’s lighter, and 41% spend more on food and drink while out in the summer months.

Nearly half of the 1,300 people surveyed said the summer months mean there is simply more to do, and 37% said that their increased spending is in part because the better weather makes them happier.

Clearly, if you are pushed towards personal insolvency due to spending more in summer, it’s harder to feel happy about your situation, but you are still the one with control over how you resolve your excess spending.

Taking action promptly when you hit financial difficulties can help to get things back on track faster, get you back out of personal insolvency amicably, or write off some or all of your debts so you can enjoy the sun more in the years to come. If you think you are at risk of financial difficulties get in touch with us today to see how we can help you.