There are many people who will have overspent over the Christmas period, having spent more than they could realistically afford on items such as gifts, food and going out over the run up the Christmas. For many, these purchases have been funded through the use of credit cards, often cards that come with crippling rates of interest, leaving the users nursing large debts once the festivities are over.

Experts have warned of an increase in the use of high interest credit cards over the festive season, adding that whilst some people have handled their spending sensibly others have thrown caution to the wind and spent like there is no tomorrow over the Christmas period only to be landed with a shed load of debt at the end of it, which for many will only sink in once the Christmas and New Year festivities are well and truly over.

In addition to this experts are warning that many are at risk of further swelling their debt by splashing out on products that they do not need or even particularly want in the ongoing sales, simply because they are reduced in price and they feel as though they cannot pass up a bargain.

One expert stated: “A lot of people are quite savvy through the whole Christmas period and really hold off. But we also see that there are many others who lose their inhibitions and start spending more than they can actually afford. The sales are particularly attractive to the less savvy opportunists. They will walk down the high street with their credit card and as soon as they see something branded ‘75 per cent off’ they are going to buy it. They don’t need it, but they buy it. That’s where the whole thing spirals out of control. By all means, go out there and enjoy the sales, but our advice would be to look at what you are buying and properly consider how you are going to pay for it.”

 

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