Don’t Let Festive Season Become Stresstive Season

DOWNPATRICK Credit Union has a great slogan: Let Santa be the only one in red this Christmas.

It’s a faint hope but wouldn’t it be wonderful if we could all have a really happy Christmas without the fear of the credit card bills arriving in January? 

(Down District Citizen Advice Debt Advisor Adam Harbinson offers a few financial survival tips for Christmas.)

Wouldn’t it be great if we didn’t have to borrow? The reality is that many of us will be mortgaging 2012 to ensure that our children don’t feel hard done by in comparison with their friends. It is a tough call but here are some tips on domestic money management that you might find useful.

• Budget! Draw up a list of the presents you want to buy and how much you’re prepared to spend – and stick to it.
• If you must borrow, be careful who you borrow from. Some of the short term loans that are being touted at the moment on our streets will charge as much as 4214% interest. That compares to 6%-7% the High Street banks will cost you.
• Talk to your bank manager or Credit Union, discuss your needs, you might be surprised at how understanding and helpful they can be.
• Think very carefully before you apply for a loan that is secured against your home. You could end up sharing space on the street with the people who are handing out fliers enticing you to take out extremely expensive ‘PayDay’ type loans!
• If things are really tight consider being open with your family – even your children. You could be teaching them an important lesson for life and it might not do them any harm to share in the family’s struggles.
•  If you do get into trouble with your debts don’t bury your head in the sand. That makes your creditors nervous and more likely to threaten legal action. Talk to them, answer their phone calls, reply to their letters, but don’t be bullied into agreeing to pay what you cannot reasonably afford
• And finally, if you cannot come to an amicable agreement get in touch with Citizens Advice, the charity for your community. They are highly skilled in negotiating with your creditors on your behalf.

Don’t let the Festive Season become a Stresstive Season!