Citizens Advice has issued suggestions to help families avoid a “financial hangover” after the festive season.
According to the charity, its bureaux see an increase in the number of people requiring debt advice after Christmas and so a list of tips has been complied by the body to help consumers keep on top of their spending and minimise debt.
Planning early, not relying on an overdraft and shopping around to find the best deal are included in the guide, while head of financial capability at Citizens Advice John Rhodes has urged homeowners to prioritise paying bills in order to keep them in their property and warm.
“It’s all too easy to overspend – there are tempting offers and pressures to buy – but you must decide how much you can afford before you start spending,” he explained.
Finance expert Jasmine Birtles recently noted that overspending at Christmas can leave a feeling of “disappointment and frustration”, adding that the credit crunch will force people to watch their outgoings more carefully.
By Tom Musk