Christmas spending ‘need not lead to debt’

The approach of Christmas is likely to find some borrowers worrying about the financial outlay required and wondering if a debt management plan should be established.

And one personal finance commentator, the self-styled money saving expert Martin Lewis, has said that there are a number of ways in which you can keep your credit card debt and other spending down.

“If you don’t prepare in advance, you can end up with serious debts and little to show for it. Yet get your act together right now, with a few easy actions and much of the damage is preventable,” he explains.

Among Mr Lewis’ recommendations are taking advantage of cashback deals from credit card providers, which mean that the inevitable supermarket spending results in a cash reward once festivities are done.

In recent weeks, one of the causes of slipping from a debt free position was emphasised when Moneysupermarket indicated that spending online increases by more than half in the ten weeks leading up to the holiday.