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Using credit cards to finance Christmas should be 'last resort'

Using credit cards to finance Christmas should be 'last resort'

- Monday, 1 November 2010

Using a credit card to fund Christmas can work out quite expensive and may lead to debt problems.

According to a spokeswoman for moneyfacts.co.uk credit cards should be used as a last resort unless a zero per cent deal can be found.

She said: "If you're going to put the Christmas spending on the credit card then leave it on there and pay it back in small amounts at a time, and you haven't got an interest free deal in place, then do not get one.

"It's obviously going to work out to be very expensive and you're going to end up paying quite a lot of money in interest."

If a consumer resorts to putting their Christmas purchases on a credit card then they could be at risk of accruing debt problems if they only make the minimum repayments each month.

Research revealed by the Co-operative Electrical on October 26th showed that one in three people who are not even in their mid 30s yet feel the need to borrow in order to cover the cost of Christmas.

It was also found that about a third of 24 to 35-year-olds would turn to a credit card if a loan or overdraft request was denied.
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