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Could the World Cup damage your finances?

Think the vuvuzela is the worst thing to come out of the World Cup? Think again

Think the vuvuzela is the worst thing to come out of the World Cup? Think again

So here are four ways CreditExpert thinks the World Cup could subject your finances to a beating:

1. You go out to South Africa to watch the action

According to CreditExpert, although last-minute packages may have come down in price they’re still not cheap, and undoubtedly some fans will be turning to their credit card to fund their trip of a lifetime. However, having a ‘stick it on the credit card’ attitude could come back to haunt you if ultimately you don’t have the money to pay off your bill.  If you miss any repayments, the lapse will be shown on your credit report for at least three years and could harm your chances of getting the best deals on credit cards, loans, mortgages etc in the future.

2. You decide to escape the football altogether for a holiday

The prospect of a whole month of football-mania is too much for many people, and it can be tempting to throw caution to the wind and book a holiday just to try and get away from the relentless football chat for a week or two (although as it’s the World Cup you could argue that you won’t be able to escape it anywhere).  However, CreditExpert is warning people that this kind of impulsive behaviour could mean they slip into the red without really realising.

3. You watch the game at the pub

No, CreditExpert aren’t suggesting you’re going to bankrupt yourself buying celebratory/comiseratory drinks. They’re warning that while you’re under the influence, there’s a chance you could lose your wallet, putting you at risk of identity theft and fraud if your details fall into the wrong hands.

4. You have to pay more for the home of your dreams

This is getting into Freakonomics territory, but believe it or not, the property market goes quiet during the World Cup, then increases by eight per cent once the final is over, according property website Your Move. So you could find you need to borrow more to get the house you want and end up with higher mortgage repayments.

Photo credit: Axel Buhrmann