Growing Concerns For Consumers This Christmas
A significant number of britons are worried about how they will manage their money this Christmas.
It was revelaed that 45 per cent of those questioned by CreditExpert, that consumers have concerns over the extra expense involved over the Christmas period and what the impact will have on their spending. It has also been reported by the credit file company, that four in ten Brits are planning to spend less money on presents than they did in 2007, in order that they manage their money over the Christmas and new year period. This shows that consumers are looking to spend an average of 301, that’s 22 per cent lower than the 384 spent in 2007.
It seems to be that these concerns about getting to grips on spending, has made it more dramatic due to the current financial climate, some 53 per cent of people have found that the credit crunch is causing them to struggle more when it comes to managing their money.
To cover the cost of Christmas, securing a cheap loan may be an option, to help cover the cost of Christmas. It has been reported that 23 per cent of Britons will be raiding their savings, while 12 per cent are hoping to secure a pay rise or looking towards doing overtime to meet various expenses in the run-up to Christmas.
According to a survey, just over a quarter of people said that they will celebrate this Christmas, as they always have done and will think about the financial consequences in the new year. This could cause further problems for consumers, not being able to manage their repayments on personal loans and household bills etc.
The study also showed that some 39 per cent of people are set to recycle old presents, by giving old or unwanted gifts they received in previous years to friends or family members. Jim Hodgkins, managing director of CreditExpert, said: “How much we spend this year on Christmas is a concern for many of us and recycling presents might seem like an attractive option. Just be careful you keep a close track of your gifts so you dont end up in the sticky situation of the present landing back in the hands of the person originally giving it – or anyone they know!
Whatever you do spend this Christmas, you can improve your finances by remembering the crucial thing is to borrow responsibly. To give yourself the best chance of getting a good deal with a lender, its important to check your credit report to make sure you have a good credit status.”
Savebuckets have done a recent study that highlighted that just under a quarter of Britons are still repaying debt from Christams 2007. If needing to borrow this Christmas, then consider a low-cost loan. Consumers can then meet these expenses quickly, but also leave them with an affordable amount to repay each month.
Tags: Finance