How To Avoid Crippling Debts This Christmas
How To Avoid Crippling Debts This Christmas
Last year, most families found Christmas a strain on their finances. Many households were forced to borrow money in order to cover the cost of the festive period. Gifts, decorations and food all add up, resulting in a very costly few weeks for most British families.
Shocking research conducted by housing association Circle Anglia, revealed that more than 100,000 British families resorted to illegal borrowing from loan sharks over the 2009 Christmas period. This shocking discovery shows how desperate families can become to ensure their children and spouses enjoy the holiday period. It also reveals how little money hundreds of thousands of U.K citizens have to spare. Despite having all year to save funds, they have been unable to do so.
The study found that a huge 29 million was borrowed from illegal lenders in 2009, but with interest added, the actual sum now owed is 82 million. Loan sharks are not regulated and are free to charge as much interest as they wish, which is often more than 1,500%.
During 2006 2009, the number of people borrowing from illegal lenders has risen by 22%, with more than 200,000 people opting for these controversial loans in 2009.
These figures demonstrate the extent of individuals' money worries and how far some people will go to make ends meet.
During the 2010 Christmas period, it is important that cash-strapped families manage their finances better and avoid dangerous borrowing from loan sharks.
Tips to help make sure Christmas 2010 isn't as much of a financial strain include buying gifts and decorations early, to avoid the Christmas rush, when many shops raise their prices.
Also, creating a Christmas budget can help limit spending. Having a set spending limit for food, gifts and other necessities, and keeping to it can significantly help sharpen your budgeting technique in the future too.
Buying small gifts and using creativity to make your own gifts can often be fun and also cost effective. As a bonus, friends and family will appreciate the thought that has gone into the bespoke gift!
If you feel that you are already struggling with debts, have considered borrowing from a loan shark, or feel you may not be able to keep up with your credit repayments in the future, now is the time to taken action.
This is where Sterling Green can help. We offer professional advice on a wide range of financial issues and offer debt solutions such as debt management plans, tax debt plans and remortgages.
To speak to one of our experienced financial advisers call us free on 0800 083 2827.
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