Avoid Christmas debt with our top tips when it comes to loans and credit cards

20 December 2013 - Which Way To Pay

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Credit Cards and Loans: Donít get into debt this Christmas!

Budgeting is key to avoiding Christmas debt this year. If your spending usually gets out of control, you must ensure that you budget and look into your finances so you do not get into serious trouble this year. Remember that debt is not just for Christmas! Here are some simple tips to help you during the festive season and limit your chances of getting into debt for the next year.

Double check all the small print on any loans or credit cards agreements

Always check the small print and look for any hidden terms in any credit card or loan agreement that you sign. You must always calculate your repayments and ensure that the monthly instalments are within your budget. Although interest free credit can be tempting, if you fail to meet the repayments on time you will find that your payments rise very quickly.

Compare all the credit cards terms and conditions carefully

If you are going to use a credit card, ensure that you look around and compare the terms and conditions carefully. Some credit card providers charge a high interest rate, but have interest free periods or discounts. Ensure you budget for all the fees and costs and put any payment dates in your calendar. If you fail to make the repayments the discounts and points you have earned will be insignificant.

Plan for next year with a savings account!

It is never too early to start planning for next year. Think about planning your next Christmas a little earlier and put some of your spare cash into a savings account. You will be pleased you did this time next year!

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