Struggling with Christmas debt?

Christmas is generally a joyful time of the year but, for many, its also an expensive occasion. Overspending is a common issue with many of us placing additional purchases on credit.

Debt can be accumulated in various ways, including the use of credit cards, overdrafts and short-term loans. Items featured in catalogues are also often heavily promoted which can be very tempting when money is tight.

All those situations are likely to have high-interest rates and could take many years to pay off.

This is a problem faced by numerous households across the country. In fact, in one report, almost eight million Britons stated they overspent during the festive season.

When does overspending at Christmas become an issue?

It’s very easy to overspend at Christmas – the nature of the season encourages us to be generous.

Calculating what you can afford and sticking to a budget can be especially hard if your financial circumstances have recently changed or if an especially tempting offer comes along.Although debt can normally cause serious financial issues leading to additional borrowing, Christmas debt can also cause problems later on when you need to start paying for items you purchased during this time. Potentially, Christmas debt can put you in a bad financial situation before you have even bought anything during the new year.

How best to deal with Christmas debt?

The most important thing to remember when dealing with Christmas debt is that you’re not alone. In fact, it’s something our advisors deal with on a regular basis – especially during the new year.

We can advise on a number of solutions which could be beneficial for you. Our experts can identify which options you may want to consider as well as outline all the payments and any restrictions you need to be aware of before deciding to go ahead.

You can be sure that whatever you tell us is completely confidential and we will listen to you to ensure the best option for you is put into action.

Don't live with the anxiety of mounting debts, give one of our advisors a call for a no-obligation chat about your circumstances.