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Take care of Christmas debts with cash

Consumers throughout the UK are in danger of falling victim to sharp increases in credit card interest post-Christmas, a savings and loan body warned today.

Glasgow Credit Union said that many Britons have admitted to taking out credit cards simply for the short-term interest-free offers which they believe will ease the financial pressure over the holidays.

Hayley Street, from Glasgow Credit Union, said: "In the run-up to Christmas, there are many interest-free credit card deals available.

"This can be a good way to pay for the turkey, tinsel and toys as many items bought on credit cards are covered by the Consumer Credit Act, meaning your purchase is protected should something go wrong.”

Ms Street added however that many seemingly simple credit deals are due to end shortly after the festive season and will leave many with soaring interest rates and catastrophic debt.

She urged all those with Christmas credit cards to pay off the costs as soon as possible before being sucked into an endless spiral of repayments. With the average cost of Christmas having reached £784 per family, many card users have admitted to taking up to 12 months to repay their festive debt, meaning that thousands are struggling to pay for this year’s holiday while still owing money from last year too.

While we are all wrapped up in our cosy Christmas enjoyment, we at Cash-is-Cool urge you all to consider a festive cash saving scheme in order to ensure that you are prepared for next year. Putting a little bit of cash aside each week will ease the burden of Christmas costs in 2012 and will also enable you to avoid the temptation of “interest-free” card schemes.

£5 per week, £10 per week or just a piggy bank of spare change, every little bit of cash will help your next Christmas to be debt- and worry-free!
 

Tuesday, 27th December 2011

Tags:   christmas  /  debt  /  credit cards  /  credit cards  /  glasgow credit union  /  overdraft  /  2012  /  savings
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