Care over Christmas credit advised
Article Category: Debt Management Help and Advice
The normalisation of credit means that many UK consumers may risk debt over Christmas, it has been claimed.
Savings manager for AWD Chase de Vere Susan Hannums said that Britons’ tendency to rely on credit may get more pronounced over the Christmas months as consumers in debt struggle to fund their purchases.
"Christmas is one of those incredibly expensive times of the year," she noted, adding that a "huge" amount of people would "definitely" be depending on credit over the winter months.
However, Ms Hannums recommended that Christmas shoppers try as hard as possible to stay away from credit cards and advised taking steps to minimise expenditure as a debt management strategy.
"We’ve got to get into the savings habit and get away from using credit cards day to day really," she said.
Figures from debt charity Credit Action suggest that the average Briton owes £4,511 in personal debt on credit cards, motor and retail finance deals, unsecured personal loans and overdrafts.
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