How-To-Cope-With-Christmas-Debt-by-Consumer-Debt-Help

How To Cope With Christmas Debt

What is Christmas debt?

Christmas is a time for giving, spending time with loved ones and enjoying good food. However, it can also be a time when debts start to mount up. In fact, Christmas debt is a reality for many people across the country.

Christmas debt cases in the UK are on the rise, and as the Christmas season approaches, many people are wondering how they will afford to celebrate.

According to a recent study by YouGov, the average UK Christmas spend last year was £1,108, a rise of more than £200 in 2020.

Christmas is a time for celebration and spending time with family and friends, but for many people, it’s also a time of financial stress with 1 in 6 UK adults expecting to increase their debt over the celebration season.

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How much debt do you have?

Less than £1,000
£1,000-£5,000
£5,000-£10,000
more than £10,000

What types of debt are most likely to increase over Christmas?

There are a number of different types of Christmas debt that can increase over the holiday season. One common type is credit card debt. Many people use their credit cards to purchase Christmas gifts, and then find themselves struggling to pay off the bill once the holiday is over.

Another common type of Christmas debt is store card debt. Many stores offer special Christmas deals that can be difficult to resist, but these deals often come with high interest rates. As a result, many people find themselves in debt after Christmas because they have been unable to pay off their store cards.

Finally, there is also the risk of incurring personal loan debt during Christmas. This can happen if someone borrows money from family or friends in order to cover their Christmas expenses. If the loan is not repaid on time, it can lead to significant financial problems down the road.

Why can Christmas debt be such a problem?

There are a few reasons why this is such a significant issue. Firstly, Christmas is an expensive time of year. There are all sorts of expenses associated with Christmas – gifts, food, decorations, travel – that can really add up.

Secondly, we tend to be more relaxed about spending money at Christmas time than we are during the rest of the year. We may not be as strict about sticking to our budget or we may be more inclined to buy things on credit.

Whatever the reason, Christmas debt can be a real burden. It can put a lot of stress on our finances and it can make it difficult to enjoy the festive season fully.

How can I tackle it?

If you’re struggling with Christmas debt, there are a few things you can do:

  1. Talk to your partner or family members about how you can share the Christmas expenses evenly.
  2. Try budgeting as fully as possible.
  3. Try not to buy anything on credit and pay off your Christmas debts as quickly as possible.
  4. Make a plan for how you will repay your debts once Christmas is over.

Debt is never fun but hopefully by following these tips you can manage your Christmas debt effectively and enjoy the festive season without any stress!

If you do find yourself in debt after the festive season, don’t panic. There are ways to get yourself out of debt. Contact your credit card company or bank and see if you can work out a payment plan. Or consider speaking with a credit counselling service.

Whatever you do, don’t bury your head in the sand and hope the problem will go away. Address the problem head-on and take action to solve it.

The bottom line is that Christmas debt is stressful and can cause a lot of anxiety. But if you take steps to avoid taking on too much debt, you can enjoy Christmas without worrying about your finances.

What help can I get if I’m struggling?

Christmas debt is a very real thing. For many people, Christmas is a time where they overspend and put themselves into debt. If you are struggling with Christmas debt, there are a few things that you can do to help get yourself back on track.

You should also consider setting a limit on how much money you are willing to spend on Christmas gifts and other related expenses. Begin saving earlier in the year so you have savings ready for the increased expenditure over the festive period.

If you are having trouble paying off your Christmas debt, you may want to consider speaking to a credit counsellor. They can help you to create a plan to pay off your debt and they may be able to offer some advice on how to stay out of debt in the future.

If you need assistance, please reach out and ask for help. You are not alone!

What organisations can help?

Christmas debt is a common problem in the UK, with many people struggling to afford Christmas expenses. This can cause a lot of stress and anxiety, which can ruin the Christmas season. If you are struggling with Christmas debt, there are a few organisations that can help.

The first organisation is National Debtline. National Debtline is a free debt advice service that offers advice and support to those who are struggling with debt. They can offer advice on how to manage your debts, negotiate with creditors, and even apply for Individual Voluntary Arrangements (IVAs).

Another organisation that can help is Citizens Advice. Citizens Advice provides free, impartial advice on a range of issues, including debt. They can help you understand your options and provide support to help you get back on track.

If you are struggling with Christmas debt, don’t hesitate to reach out for help. These organisations can provide you with the support and advice you need to get through this difficult time.

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