With some credit card applications taking up to six weeks to become approved, Moneysupermarket.com is urging consumers to start creating a debt management plan now.
Richard Mason, a director with the consumer finance website, told This is Money: “People always leave it too late to get their finances sorted out for Christmas. You find most people will put their spending on an existing card and then panic when the bills come in January because people usually always spend more than they planned to.”
Although Christmas is still a distant thought to many, with Harrods’s putting out its festive decorations it highlights how quickly the season can creep up on people.
However, a lack of planning for this means that people leave credit card debt until January, Mr Mason said, which is the busiest period for applications.
With many still paying interest on Christmas debt at Easter, Mr Mason urged consumers to ensure that they plan ahead and take out the best deals now.