Debts last longer than tinsel and turkey, Britons warned

Consumers are being warned to keep a tight control of their spending over Christmas, as we head into one of the busiest sales periods in the High Street. 

The urge to splurge at Christmas may be higher than any other period of the year but if you do, it could ruin the festive season and you could be paying for it well into 2011, according to the debt solution advisor Payplan.

John Fairhurst, managing director from Payplan, said: “Christmas week and the January period are peak times for our qualified team of counsellors.

“Overspending on Christmas parties, present buying, and all the festive food and drink, can seem like a good idea at the time – but the harsh reality is, long after all the turkey and tinsel have gone, there will be a large hole in the bank balance and some potentially serious debt to contend with.”

Getting caught up in the Christmas hysteria could leave consumers burdened with credit card debt or other money stresses.

Payplan is advising people to stick to a few simple rules to steer clear of debt. Starting with planning shopping trips before you leave the house – making sure you have a detailed list of what you want to buy and where.

Research purchases first – online, in the catalogues, by phone, ask friends or family – ensure you’re buying items at the best possible price. When you are shopping, don’t be tempted by special offers or additional purchases – stick to your list.

Finally, set a budget and stick to it, only take out a set amount of cash or one credit card and ensure you know the balance on it.

If money is tight be more creative about present buying – a homemade or personal gift will be a much better gesture than the latest ‘must have’ item on the shelf.

Finally, the debt experts advise opening up to friends and family if times are financially difficult.

“Don’t be afraid to explain, if they care about you they won’t care about a fancy present or a slap-up Christmas dinner,” John Fairhurst added.

Source: debtmanagementtoday.co.uk