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Consumers 'should clear Xmas debt quickly'
Tue 18 Dec 2007 4pm
People who overspend over Christmas have been advised to make clearing their debts a top priority for the new year.According to AWD Chase de Vere, borrowers should try to pay off their debts immediately after the festive period in order to make a healthy financial start to 2008.
Susan Hannums, savings manager at the independent financial adviser, also recommended that consumers avoid financial difficulty later in the year by putting "a little bit aside" for next Christmas when they can.
"Ultimately you should be thinking about clearing that [Christmas] debt as quickly as possible," she stated.
"Sit down with a pen and paper, work out your budget for the coming year and work out how much you can comfortably afford."
A recent study by Sainsbury's Bank claimed that £11.85 billion will be spent by British people in the week before Christmas.
Figures from Credit Action state that the UK's total personal debt reached £1,278 billion in November this year.
