Consumers ‘urged to avoid Christmas debt hangover’
Britons are advised to get a grip on their finances as the build-up to Christmas gathers pace.
With Christmas Day less than a fortnight away, consumers have been reminded of the need to get their finances in shape for the festive period.
Indeed, a Cambridge News article points out that as people indulge themselves with splashing the cash on presents, parties and food, “it’s easy to get carried away and not keep an eye on what you’re spending”.
And doing so could prove to be detrimental to people’s money management going into the new year as bank accounts and credit cards can often be left feeling “worse for wear” in the wake of the festivities.
Rachel Talbot, chief executive of the Cambridge branch of the Citizens’ Advice Bureau (CAB), states: “Taking control of your finances in this current economic climate – and particularly at this time of year – can really help to avoid problems. But if you do get into debt, talk to us at CAB as soon as you possibly can.”
She adds that the advice on offer by the bureau is “free and impartial”.
Those looking for money management tips over the Christmas period could be interested in guidance from the CAB to figure out in advance how much they are willing to splash out on presents and to stick to such a limit.
And while paying for goods via cash, debit card or cheque wherever possible is advised, people that are looking to borrow to fund this year’s festive season are urged to compare accounts to get as competitive a deal as possible, as offers which come with interest-free periods and other incentives are available.
People are also reminded that essentials such as rent payments, utility bills and food will also have to be met during this time of year and that such commitments should be fitted into an overall money management plan.
Such advice comes as a recent study by Saga Platinum showed that the average Briton is set to spend £435 on Christmas presents this year, down from the £516 splashed out ten years ago.
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