UK Money News
19th December 2007
Christmas debt 'should be cleared swiftly'
Consumers who build up debts as a result of needing help with finance over the Christmas period should clear their borrowing as quickly as possible next year, it has been claimed.
Personal finance specialist AWD Chase de Vere has stated that, since interest rates on lending are likely to be higher than that in savings accounts, it makes sense to pay off debts in a timely fashion.
Susan Hannums, savings manager for the firm, said: "The best thing to do is ... to sit down with a pen and paper, work out your budget for the coming year and work out how much you can comfortably afford to try and clear those debts as quickly as possible."
She added that people who are conscious of the need for help with money during the Christmas period might also like to start putting small sums aside from January to lessen the personal finance burden next year.
The finance news follows figures from Credit Action that indicate that the average household debt in the UK stands at £8,765 excluding mortgages - rising by more than £45,000 if mortgages are included.
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