Thursday 15th November 2007
Britons need to address their spending in the run-up to Christmas if they are to avoid crippling debt in the new year, it has been suggested.
Chris Tapp, director of Credit Action, asserts that a fifth of people are still paying off their festive debts by summer each year.
And half of those people - ten per cent of the population as a whole - are still tackling debt when Christmas comes round again.
He adds that cheap borrowing could be harder to find in light of the recent credit crunch.
Mr Tapp urges consumers to put in place a budget and finance plan to ensure their seasonal spending does not spiral out of control.
"People need to think very carefully about how they are going to afford Christmas and how they are going to pay for things," he explains.
"Work out how much you can afford to spend on Christmas and stick to that limit," he adds.
The spokesperson reiterates that credit cards should not be seen as a means of deferring payment "to worry about it later".
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