As the new year gets underway and people receive their final bills of 2007, many will have trouble coping with the cost of Christmas spending, says Myvesta UK.
A spokesperson from the non-profit organisation advises those struggling with holiday debt to take the opportunity to “take charge” of their financial problems.
Steve Rhode, chairman of Myvesta UK, advises people not to get depressed by the bills and instead focus on making positive changes for the coming year – with investigating Individual Voluntary Arrangements (IVAs) one method of following his advice.
First on the list of priorities should be making a tally of last year’s debt, as well as obtaining copies of credit reports, so that debt help can be sought.
“If you feel overwhelmed about your situation, don’t hesitate to reach out for professional assistance to take control of the problem before it’s out of control,” he says.
Mr Rhode’s advice follows recent figures from Credit Action indicating that Britain’s debt has reached £1,400 billion, which equates to a £1 million increase every five minutes.