The real cost of Christmas

By Mr Bankruptcy

19th December 2019

The tree lights are up, social calendars are full of seasonal festivities and preparations being made for a big meal at home or that annual journey around the country to visit friends and family – it must be Christmas.

For many of us though, while we’re immersed in Christmas fun, we’re also aware that every penny spent could be adding to, or creating, debt problems. Despite the season, when everyone else seems to be enjoying themselves, it’s important to understand that you are not alone and that there is help out there.

Christmas debt affects so many

The figures detailing just how much we spend at Christmas are simply staggering. The desire to have the “perfect” Christmas and to treat family and friends can lead to longer term financial difficulties. In fact:

Over a third of us borrow money to pay for Christmas presents. That equates to 16.9 million people
On average it will take 7 months to pay off Christmas credit card debt
25% of people “buy now pay later” this Christmas
Nearly a third of social media users feel pressured to have a good Christmas because of the posts they see
According to the Bank of England, a typical household spends over £800 extra in December, a 20% increase in food spending and 30% more in alcohol

Beyond Christmas, the bigger picture is no less worrying. The Office for National Statistics reported in December that average household financial debt grew by 9% in the two years to March 2018,up to £9,400 per household.

If you’re reading this and already feeling dread about post-Christmas debt, remember, it’s not just you. It’s really important that instead of beating yourself up for the situation you find yourself in, you take the step of asking for help and advice.

I often talk about the way debt can seem overwhelming, making people ashamed of their situation. Be assured that debt advisors do not make judgements about your circumstances. Our focus is to help you understand your situation and find the right solution to manage it. Our aim is to help you live life debt free.

James Rosa Associates

James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes. Our services include:

● Insolvency support

● Negotiated settlements

● Personal assisted bankruptcy

● Mediation

We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

Find out if you qualify for a free consultation

If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

James Rosa Associates a winner in the SME News Finance Awards 2019

9th December 2019

James Rosa Associates are thrilled to announce they have won the SME News Finance Awards 2019 in the category “Best Independent Debt Advisory South East England”.

Having recently narrowly lost out in the Collections and Customer Service Awards and the TRI Awards (where we got a special mention as “highly commended”), the Managing Director Julian Donnelly said “We are delighted to win this award in recognition of the hard work we have put in over many years. We look forward to this being a springboard to be able to grow the business in 2020 and beyond which will allow us to help far more distressed and vulnerable clients”.

Are you ignoring signs that you are in debt?

By Mr Bankruptcy

6th December 2019

In October the Guardian newspaper reported that the number of people facing insolvency in 2019 was heading towards the highest level for almost ten years. As debt problems in the UK continues, are you heeding the signs that your debt needs to be dealt with?

The reason for debt is changing

Earlier this year the Financial times reported the changing nature of debt. It’s an easy assumption to make that debt arises because people impulse buy and live beyond their means. However, over the past decade the reason for personal debt is more often a result of the cost of day-to-day living. If this is the case, it’s not surprising that more people are finding themselves in financial difficulty.

What are the signs you have debt issues?

Whatever the reason that makes a debt unmanageable, here are some tell-tale signs that can warn us that our financial situation needs addressing and cannot be ignored:

You’re unsure how much you owe
Credit cards are being used for household essentials, such as food
Most of your income goes to paying debts
You’re keeping debt secrets from your partner
Credit card bills are rising monthly
You live in overdraft territory
Credit cards are at their maximum level but you only pay the minimum monthly amount
You use savings to pay bills
You’re denied loans or credit cards from reputable companies
You can’t pay bills on time
You lose sleep worrying about money
You’re getting calls from debt collectors
You’ve cut spending but you still can’t afford day-to-day costs

Don’t delay action

Talking about tackling debt and taking active steps can both be difficult. We can feel embarrassed, or our physical and mental wellbeing has suffered to the extent we can’t face dealing with it.

Unfortunately, debt does not resolve itself but if you ask for help, you can learn about the different debt management options available to you. A path to a debt free life can then lead the way to a future you can feel happier about.