Let’s face it, Christmas is an expensive time of year. Often described as ‘the season of goodwill’, we are actively encouraged to be generous with our time and money. It’s also fair to say there’s almost a stigma surrounding those who do not splash out for Christmas and – as a result – the pressure to make everything ‘perfect’ can sometimes be overwhelming.
Despite Christmas being the same date each year, many still find themselves struggling to budget throughout the year to cover the costs, therefore turning to finance options.
This can be a wonderful time of year but it shouldn’t be detrimental to your finances. Instead, there might be a way to enjoy the festive season without breaking the bank.
If you’re struggling to afford Christmas, it can feel like you’re the only person in this situation. However, a recent survey from StepChange demonstrates how that simply isn’t true.
According to the organisation, almost 70% of people are unable to comfortably afford Christmas. As a result, around 30% reported they’d be borrowing funds specifically for the occasion. On average, these sums won’t be repaid until around September.
Whether cutting costs or borrowing money, this research demonstrates what we’re prepared to do so we can make Christmas wonderful. However, are these statistics really surprising?
It has also been reported by the Bank of England that a typical UK household spends over £800 more in the month of December, compared to the other months of the year.
Just about everybody understands the importance we place on making this period special – this is especially true if you have kids. However, as this period should ideally be celebrated without incurring debt, it might be time to rethink what Christmas means.
There are numerous companies which will advertise Christmas loans for bad credit or short-term financing to cover the festive period, this is not the answer. After all, Christmas is about family – and how would they feel if you were getting into debt because of the need to please them?
Instead, it’s time to assess what Christmas means for you – is it truly about lavish gifts and food? Or is it about just relaxing with your family for the day?
If you’re borrowing money to cover Christmas – and it’s going to take you months to repay what you owe – then it’s worth taking some time to think whether your loved ones would want you accumulating debts this season.
Chances are, they would prefer you started the new year in a healthy financial state – instead of a generous present. Alternatively, if you’re already struggling with Christmas debt then it might be worth giving yourself perhaps the best gift of all – and making these debts a thing of the past through consolidation.
A debt consolidation loan is not money to cover the cost of Christmas – it is financing to pay off your creditors and leave you in a better financial state. To find out more information, and identify whether we can help you, get in touch today.
With Christmas rapidly approaching, we hope you enjoy the period – without worrying about the financial pressures.