UK Money News
4th January 2008
CCCS: Indebted should steer clear of sales
Consumers who need help with debt have been advised to stay well clear of the tempting January sales.
The Consumer Credit Counselling Service (CCCS) has said that adding more debt to that left over from Christmas is the worst possible thing to do when help with money is already needed.
"In the new year, especially if one's had a really expensive Christmas, the first thing to do is to not go to the sales! Because there's nothing worse than having a big credit card debt and piling on another load of debt," said James Ketchell, a spokesperson from the charity.
He added that setting up a timetable is the best way to help people get out of financial trouble. Loan debt and that from credit cards and store cards can then be paid off to a plan.
Mr Ketchell also recommended budgeting as a way to avoid such problems in the future.
Recently, Grant Thornton suggested that some 28,000 people will be facing insolvency in the first quarter of 2008 due to overspending at Christmas.
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