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One in three of us will pay for Christmas on credit

By Simon Read

One in three of us will pay for Christmas on credit. Why do so many of us struggle? Well, the average cost of Christmas per person is expected to be £508 this year.

So that means many of those enjoying the festivities will wake up in the New Year with a financial hangover.

The simplest way to avoid getting into a New Year financial mess is not to spend more than you can afford.

To do that you need to budget carefully: make a list of all the people you're buying presents for and how much money you have available.

Then allocate a set amount to each person.

If you are determined to borrow to pay for Christmas then don't be tempted by expensive payday loans or store cards.

Use an overdraft if you need to - but tell your bank first and agree a limit.

Or you could get a credit card that charges 0% on purchases.

Right now you can get 20 months interest free with the Halifax.

The best thing to do is Budget and stick to it, and start saving now for next Christmas.

Meanwhile, this year is set to be the biggest Black Friday event ever in the UK as shops seize the chance to have another excuse to flog their over-priced products on November 28.

Savvy shoppers won't fall for the tricks which are designed to allow retailers to clear their shelves of old or hard-to-shift stock.

On the other hand there may be some real bargains to be had if you've already planned to purchase certain items.

Check out their prices now and compare the cost when Black Friday or any other shopping event comes along. If it really is cheaper then, fine go ahead and save money.

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