Payment protection insurance (PPI) claims and loan refunds could alleviate some of the financial pressure on young consumers who have found themselves in debt problems.As people try to find the cash they need to cope with the extra expenditure of Christmas, almost one in ten individuals admit they have already borrowed finances to help pay for gifts, new research from the Association of Business Recovery Professionals has revealed.PPI claims could be particularly useful for the younger generation as nearly a fifth of 16 to 24-year-olds are in debt due to their festive purchases.Frances Coulson, the organisation's president, said the poor money management skills of young people were a concern."With unemployment figures up, we can only expect to see more people saying they are struggling to afford the demands of the festive season," she added.Some consumers who are worried about their finances are cutting back their gift purchases. New research from Which? found that 42 per cent of individuals will spend less this Christmas.Amir HussainAmir specialises in personal loans, consumer debt and debt management.
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