Debt warning addressed to parents

Parents should be wary of getting into too much credit card debt this Christmas, it has been advised.

Editor of education and parenting website MyChild.co.uk Amy Schofield noted that many parents feel pressurised into spending heavily on their children at this time of year in order to meet their demands.

“Sadly it is often families who cannot afford to do it that will spend more than they can afford and get into debt,” she stated.

Ms Schofield said that if people are spending on cards, they should seek to limit the amount to something they can afford to pay back in full the following month.

Those unable to do this may wish to take out a card with a low interest rate, to avoid the amount they owe building up too much.

A study by insurance firm LV= has found that the total amount being spent on presents by Britons this year will be £13.5 billion.

The figure equates to £294 per present-buying adult.

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