Shoppers warned about spending too much over Christmas
After another difficult year in terms of finances, consumers are being warned by financial experts to avoid overspending on their credit cards and via other forms of finance over the fast approaching Christmas period. Each year many people spend a small fortune on their credit cards, store cards, overdrafts, and even via loans in order to buy gifts, food, clothes and other festive purchases, but this year could be worse than usual given that many people will not have had the chance to save any money.
For a huge number of people, the soaring cost of living has meant that not only have they been unable to put any money aside for their purchases at Christmas but they are also continuing to struggle to make ends meet financially due to soaring petrol, food, energy and insurance prices amongst other things. On top of these price hikes, wages for many have remained frozen for some time, forcing them to make their wages stretch further than in the past.
Officials have said that compared to other years consumers who use finance to pay for their purchases over the festive season will need to be far more careful. Shoppers are being urged to think carefully about the amount that they spend over Christmas and New Year and being advised to avoid getting carried away with the plastic when they hit the shops in the run up to Christmas.
One industry expert stated: “It can be really tempting to spend, spend, spend on a credit card over Christmas without thinking about the consequences. However, when that credit card statements wings its way through the letterbox in January many people will realize that they have landed themselves in hot water financially by overspending.”
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