8 January 2008
Britons who borrowed heavily through personal loans and credit cards last Christmas should give the January sales a wide berth, a debt advice charity has said.
Smart budgeting in the New Year is especially important during the traditional festive financial hangover, a Consumer Credit Counselling Service (CCCS) spokesman added.
Consumers spending more than they earn is a big and growing problem in the UK, which has a total personal debt level of £1.4 trillion according to latest figures.
James Ketchell, spokesman for the CCCS, said: "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…piling on another load of debt.
"The most important thing, really, is to set oneself a timetable for repaying any credit card or store card debt that people have gained over the Christmas period - and try to stick to that as much as possible."
Providing further evidence for the UK's growing credit problem, a recent study from accountants Grant Thornton found that an average of 10,000 debt-ridden Britons would become insolvent for each month of 2008.
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