Consumers advised to avoid New Year debt nightmare
A charity has advised consumers in the UK to avoid spending too much money over the Christmas period and thus entering a debt nightmare in the new year.
According to the Debt Advice Foundation, 2009 looks set to have the highest ever number of individuals becoming insolvent. Managing director of the organisation David Rodger said: "People often feel pressured to 'push the boat out' and sometimes spend more than they can afford to at Christmas.
" Many use credit and store cards to fund their festive expenditure, he added. However, this can lead to "worry and regret" once their bills arrive in January.
Mr Rodger went on to suggest that consumers should save cash by comparing the price of gifts online and set a limit on their spending.
Recently, Beccy Boden Wilks of the Money Advice Trust claimed that this Christmas may be the charity's busiest on record, as consumers increasingly struggle to meet their mortgage repayments.
Your Comments
posted by Jill on 21-12-2009
Wouldn't it be great if we gave each other time instead of debt. Where would we get the time-well, the hours spent shopping and wrapping could be spent going for a walk together, having a cup of tea and a cake, anything that the person would enjoy doing. I have lots of friends and family, but I live alone. I notice that from about 3 weeks before Christmas to about 2 weeks after nobody has time to see me. I don't blame any-one. We just get so caught up in things. God Bless.
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