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'It's not too late' to save for Christmas and avoid debt problems

'It's not too late' to save for Christmas and avoid debt problems

- Monday, 18 October 2010

Consumers still have time to save up and avoid getting into debt problems in order to pay for Christmas.

According to Joanna Parsley, associate director of Credit Action, setting out a budget and saving a few pounds on certain areas can help Brits pay for Christmas without resorting to credit, which can be risky.

She said: "It is also proven that when we use credit to pay for items, we will spend more than we would otherwise be willing to if we were using cash to pay.

"If you are using credit cards to pay for Christmas it is likely you will receive your statement in the first weeks of January."

If consumers cannot pay their credit card debt off in full, they will be accruing interest and if they can only make the minimum repayments, they could still be paying it off in the summer, Ms Parsley added.

Myvouchercodes.co.uk revealed last week that one in five Brits plan to finance Christmas by using credit.

At least 19 per cent are planning to get into debt to pay for the festive season and 42 per cent will be obtaining a bank loan.
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