by Administrator
24. November 2010 11:53
Consumers living with a
debt management plan should draw up a budget relating to their Christmas spending to help keep costs down.
Ed Bowsher, head of consumer finance at lovemoney.com, made this suggestion as it can help families to only buy the things that they need for an enjoyable Christmas.
He said: "The best way to keep your Christmas spending under control is to draw up a budget.
"If you think about your spending in advance, you need only buy the things that are essential for an enjoyable Christmas."
He added that one good way of planning ahead is to use a price comparison site to find the best deals on items such as food
If someone is tempted to borrow in order to fund their Christmas spending then they should look into a zero per cent purchase credit card as no interest will be paid on the debt for a year, Mr Bowsher added.
Consumers should ensure they can afford to repay the debt before interest starts accruing or they may end up needing a
debt management plan.
According to research by money.co.uk, the average household will spend £624 on Christmas, a 13 per cent decrease from last year.
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