With December just days away you can positively smell the festive spirit and it’s a rich, fragrant smell to boot, with Christmas spending estimated to top the £1 billion mark this year!
Experts predict we’ll stump up £53 million on decorations and crackers, £42 million on turkeys, and an average of £435 each on presents. Even the infamous Brussel sprout is set to lighten our collective pockets of £12 million.
The result of all this Christmas cheer may mean that many of us find end up in a financial state as bleak as the dreary weather.
If your spending over the Christmas period looks like being a little extravagant, it may be time for a financial re-think, and whilst tightening the belt may get you so far, finding affordable credit now could help you manage your debts in the New Year.
Though January still seems some way off, getting ahead of the game could see you find the best rates, and could even keep those stockings nice and full.
Up close and personal
If you’re bracing yourself for a very merry Christmas then a personal loan may be the best way to get your finances in order, consolidate your debts, and fund those last minute necessity purchases.
Lenders will generally be flexible with the amount they offer, ranging from £1,000 to £25,000, and you should be able to pay it back according to a timetable that works for you.
Whether this is a few months or several years it’s important to establish your own schedule for making the repayments and stick to it. It’s worth considering that some loan companies will charge you if you clear the debt too early so read the small print before you commit. Click here to compare the best rates on personal loans.
A quicker fix
If all you’re after is a bit of extra cash to finish off the preparations for a grand Christmas party then a long term loan may seem a little over the top. A credit card with 0% on purchases may be just the ticket, allowing you to fund some last minute expenses without tying you into a long repayment plan.
There are plenty of great deals out there at the moment, and some cards offer decent periods of interest-free credit on both purchases and balance transfers, allowing you to spend at Christmas an consolidate it all in the New Year. Click here to compare credit cards.
But if you think either of these options are for you, you’ll need to act now. All product applications take a while to come through, so if you want to be sorted before the Christmas rush, now’s the time to act.