Xmas card binge could mean debt consolidation
Xmas card binge could mean debt consolidation
Monday 7th December 2009
Over the festive period last year, the average consumer spent an additional 11 per cent on credit cards and 25 per cent more on store cards, statistics from the Finance and Leasing Association (FLA) show.
The organisation is offering advice for people to limit their outgoings and prevent a Christmas spending binge.
It advises that people should make a clear plan of what they plan to spend on items such as food and gifts and stick to it. It is important that people factor in all the additional expenses of the festive season in their plan.
Consumers are also advised to pay for as much as they can with debit cards and cash to avoid unnecessary money problems in 2010.
For people who cannot avoid getting into debt this Christmas, debt management and debt consolidation offer two solutions which can help banish money worries.
Fiona Hoyle from the FLA said: "Christmas can be a tough time, make sure money isn't one of your worries.
"Take stock after Christmas - if you're not going to be able to repay your debts, talk to your lender as soon as possible. They can't help if they don't know there's a problem."
Last week, figures from Clydesdale bank showed that more than £11 billion will be withdrawn from cash machines in Britain in December, with the average withdrawal up 10 per cent from the previous month.
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