Should Christmas Expenses Blamed for Debt Problems?
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People generally think that Christmas is those periods of the year in which your expenses become higher than normal months. This is the time of the year which you enjoyed most. Sharing gifts with your loved ones, enjoying family meals and night outs all cost together a higher amount. It sometimes becomes difficult to manage these expenses alongside regular expenses and debt payments. This is the term where most families want to live within budget in order to avoid any serious financial threat. Financial experts carried out an investigation over spending habit of people during Christmas and even times. The figures obtained in the research made some unusual conclusions.
It make us to think over, is it fair to blame Christmas for bad debt levels of people?
HSBC has organized a research in 2011. Research reports stated that during festive period, average Brits spend £560. Major part of these spending goes over gifts that cost £378. The figure highlights the pressure that people are facing to treat family, loved ones and friends. This spending sounds much when majority of people use their December pay for Christmas expenses. However, comparing the figures with M&S money research results about the people spending on recreational activities in their lifetime you will arrive at completely new conclusions. After Christmas they start to consolidate their debt by debt consolidation program.
People following the ages from 16 to 65 have found that they spend as average £56,000 on following football team, £46,700 on gadgets and £89,900 on electronics. During the same period i.e. in 49 years people spend £27,400 on festival expenses.
Now, the decision is yours. Would you like to blame Christmas for debt trouble or manage your budget throughout the year in order to avoid debt problems. It is really necessary to cut your unnecessary and luxury expenses throughout the year in order to avoid serious financial trouble. Even if you have debt issues then go for alternative repayment options like debt consolidation loans, settlement or management plans to deal with the situation.
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