Borrowers urged to ‘think carefully’

Credit consumers around the UK have been urged to think carefully about their personal finance options before adding to their debt management burden.

Many people are expected to borrow heavily to fund Christmas expenditures and Chris Tapp from the Credit Action charity is keen to see people take a responsible approach to their finances this year.

“What we are urging people to do is to think now, at the start of November, work out how much they can afford to spend on Christmas and try and stick to that budge,” he said.

“People need to think very carefully about how they are going to afford Christmas and how they are going to pay for things in the next couple of months.”

Mr Tapp went on to suggest that becoming debt free could be more difficult for many credit consumers in the UK due to the recent increases in the cost of borrowing.

The average debt management burden on a UK household is now worth more than £55,000, according to figures from Credit Action.