- Friday, 18 December 2009Consumers have been urged by a debt charity not to spend more than they can afford to on Christmas shopping this year.
According to the Debt Advice Foundation, a number of people could be left seeking
IVA help because they have over-spent during the festive season.
Citing statistics from the Insolvency Service that indicate there have been record levels of debt this year, it suggested more individuals will struggle to repay their credit card and household bills, falling into debt as a result.
The charity recommended that shoppers write a list of gifts they intend to buy so as to avoid impulse purchases and compare prices online to find the best available deals.
David Rodger, managing director of the DAF, said: "People often feel pressured to 'push the boat out' and sometimes spend more than they can afford to at Christmas.
"Many resort to credit and store cards to fund it, but this can lead to worry and regret when the bills arrive in January."
Recently, Nationwide Building Society revealed statistics showing that two-thirds of consumers are unaware of the order in which debts are repaid on their credit cards, despite the fact that not knowing could land them in the middle of spiralling debts.
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