It’s all too easy for debts accrued over Christmas to spiral out of control, affecting your finances for months to come.
Recent YouGov research found that almost a third of Britons could end up in debt as a result of Christmas spending and, of the 2,015 adults surveyed, more than a quarter go into their overdraft at least once a month.
Think Money offers some tips to avoid the Christmas debt trap in their press release titled ‘Tips for a cut-price Christmas and a frugal New Year’, including recycling old decorations, giving homemade presents and sharing the cost of the festivities amongst family members.
Although none of the measures suggested will help to combat a serious debt problem, they could add up to a Christmas that you won’t be paying for into the New Year.
For those whose debts need more than a little careful budgeting, there’s advice on the Think Money website – with information about debt consolidation loans, debt management plans and Individual Voluntary Arrangements. If you’re worried about your finances they suggest that you talk to their experts – to make 2012 the year you take control of your debts.
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