Traditionally we have always experienced a number of calls in the early part of the year from people who have overspent at Christmas and are feeling the pinch. Whilst we can always help those individuals, it would be better to avoid it.  With Christmas seemingly getting bigger and more extravagant every year there is always the risk that people will overstretch themselves.  When taking into account, presents, nights out and a mountain of food and drink to buy, it is a very expensive time of year.

Last year we spent on average £1,000 per household on Christmas and according to the Money Advice Service, one million of us will use a payday loan to cover the cost of Christmas while a third of adults will use credit cards.  This may allow you to enjoy a Merry Christmas,  but reality will soon kick in when it comes to repaying the debts that have built up.

Christmas should be a time for everyone to enjoy but it is more important than ever to make sure that you do not overstretch yourself which will result in a worse than normal New Year hangover.
Whilst everyone should be able to enjoy the festive period, a few simple tips may help in ensuring debts do not build up:

=  Plan as early as you can.  Whether it is buying presents or stockpiling food and drink, try and spread the cost beforehand as much as possible.

=  Shop Around.  If you are after a specific gift, try and find it for as cheap as possible.

=  Borrow Smart.  If you do have to borrow money to assist, then make sure you are using a reputable lender and you know you will be able to repay the debt.  Calculate what the repayments are likely to be and whether this is affordable.  If it is not, then you should not borrow the money. If you are thinking of using a pay day loan, don’t!

=  Be Organised.  Use lists, set limits and decide exactly how much you will be spending on each person and event.  This will stop you getting carried away and overspending.