The festive season is often a time to celebrate with friends and family, but it's also an expensive period which can lead to long term debt problems.
At Debt Support Trust we help people with a wide range of debt and money problems. These money problems can be anything from problems paying their rent, through to the most severe financial predicaments.
The Christmas period is often a time for celebration, but come January it can be a depressing and frightening experience being in debt. If you're already in debt and want to wait until Christmas has passed before dealing with your debt, then Debt Support Trust can help you too.
Avoiding Debt Problems
The desire to meet Christmas expectations means people can become indebted over the Christmas period. We notice an increase in the number of people using payday loans to buy Christmas presents, however they don't know how they will repay the loan in January.
When the payday lender - or any other company lending money - doesn't receive their money back on time then they will continue to contact you until they get their money. It can also impact on your credit file.
Our top 3 tips to help you have a great Christmas financially are:
1. Budget: Set a budget of what you can afford. The budget should include extra Christmas nights-out and presents too. This way you'll know exactly how much money you have available to spend.
2. Buy in advance (if possible): When you leave shopping until the last minute you may know what you want to get your loved ones, but the cheapest shops may have sold out. Buying in advance means you can get the cheapest prices.
3. Shop around: You should shop around for the best price. The high street is in competition with the internet and often the price will vary. Look around and check if you're really getting the best price.
The most important tip is not to spend what you can't afford to easily repay. The majority of people in the UK use credit, but it's whether that credit is affordable that really matters.
Call for Debt Advice
If you're unsure how you will afford to repay your Christmas spending, or think that you may have debt problems early in the New Year, then speak to a Debt Support Trust advisor.
You can phone Monday to Friday 8am - 7pm on 0800 085 0226. Alternatively, you can complete a debt test questionnaire and get some online debt help.