The organisation pointed to recent research which suggested that some 47 per cent of people are set to begin the New Year paying off “Yuletide debts”. Credit Action associate director Joanna Parsley said: “Although Christmas is only a month away, we would urge everyone to rethink Christmas.”
Ms Parsley pointed out that although the average UK household owes less than it did three years ago, there are still many feeling the pinch. “The financial crisis has put a strain on our personal finances and caused all of us to rethink the way we use money,” she said.
She suggested that one way in which people could lower their debt level was to cut costs over the Christmas period, especially in the area of household expenditure. If it became necessary to borrow money, people should look for the best value sources of credit, such as cheap unsecured personal loans, or low rate credit cards and “pay down the debt as soon as possible”, she added.
One way to reduce debt-related outgoings and avoid bad credit is to take out a good value unsecured personal loan and use it for the purposes of debt consolidation. Debt consolidation loans can be used to pay off sums such as those accrued over the Christmas period and repackage the rest into a single monthly payment.
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