Make resolution to tackle debt
Article Category: Debt Consoliation Help and Advice
Debt-laden borrowers should make a new year’s resolution to tackle their arrears by looking at ingoings and outgoings.
That is the advice from Sainsbury’s Bank, which has done a survey showing the extent to which festive spending has pushed up debtors’ bills.
Its figures reveal that around 18 per cent of Christmas spending was put on credit cards, with 61 per cent of people expecting to take one month to clear their expenditure.
Around six million expect to take two to three months and three per cent expect to take up to a year.
One per cent - around 438,000 people - will not clear this year’s festive splurge until Santa pays his next visit.
Donald MacLeod, head of cards at Sainsbury’s, said: "Appraise where you are and see if there’s a better way of handling that debt; look at loans, look at restructuring, the zero per cent interest rates out there."
He went on to say that people should "enjoy Christmas" but then make sure they reassessed their finances in January, as there were "a lot of great deals out at this point".
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