By Mr Bankruptcy
17th December 2018
Christmas – a time for giving gifts, eating and drinking and inviting friends and family around to celebrate.
But if you’re already facing a personal debt problem, or your business is suffering from cash flow issues, then you may not feel like celebrating; you may be worrying that Christmas is just going to make your problem worse as you do your best to make sure your family has a good Christmas.
There’s a temptation to pile everything onto the credit card and deal with it later, but if you were planning to sort out your debt problems in 2019, then this would not be the ideal start to the New Year.
The pressure of Christmas
The simply truth is that we spend more at Christmas than usual, on presents, food and drink, travel, decorations etc. Bank of England figures show that in December we typically spend 20% more on food and 30% more on alcohol than in any other month.
According to a survey by uSwitch, 19% of those asked spent beyond their means over the festive period and 9% admitting that they did so because of “peer pressure”, keeping up with family members and friends. Black Friday and the January Sales don’t help either.
If this sounds familiar, then you’re not alone. According to a National Debtline survey in 2016, five million people in the UK worry about paying for Christmas, with around one million people actually lose sleep over it.
Tips for avoiding the post-Christmas debt hangover
Many people put off thinking about debt until after Christmas, but here are some things you can do to make sure you stay in control and cut some of the stress over the holiday period:
● Set a budget before Christmas and stick to it
● Look for deals and try budget shopping
● Don’t impulse buy, shop online
● Don’t forget your other bills at Christmas. Prioritise bills such as utilities and mortgage repayment
And here’s one for next year: start saving for Christmas 2019 this summer. You will find better prices and spread the cost out.
If debt worries threaten to ruin your Christmas, I would always advise that you to talk to someone about it at the earliest opportunity, whether that’s a family member, friend or an advisor from one of the many debt advice services around. You can also get professional help with debt reconstruction for your business. Organisations that can help you include:
● Citizens Advice
● Debt charity Step Change
● For business owners, Business Debtline
You will be surprised by the amount of understanding there is, and you will start to see a way out of your problem.
Contact James Rosa Associates for a consultation and a happier New Year
Everyone at James Rosa Associates wishes you all a happy festive season free from debt worry, but if you think you need to talk to us about unmanageable debt or bringing a dispute to a swift and cost-effective resolution, then contact us without delay.
Our debt advisors and debt adjusters are supportive and friendly, helping individuals and business owners/directors to reach swift and cost-effective resolutions to unmanageable debt problems, civil or commercial disputes.
Our services include:
● Insolvency support
● Negotiated settlements
● Personal assisted bankruptcy
James Rosa Associates are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
You may be eligible for a free consultation so ring us on 0845 6807217 or email firstname.lastname@example.org and we’ll explore how we can help you tackle your debt problems and have a happier New Year.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.