Food And Drink

top tips to have a frugal yet festive season with Tom Ilube

Thu.12.Dec.2013 GMT

A new study shows we are set to spend over £6bn on credit this Christmas with a third of people relying on their cards to get by. Consumer Finance Expert Tom Llube reveals why building up debt on credit can affect how much we pay in interest on our mortgages and loans in the future. Giving his top tips on how to have a frugal yet festive Christmas, Tom explains the dangers of spending on our credit cards to enjoy Christmas when we can expect to suffer a financial headache in January. The research revealed that around a third of those surveyed admit they will rely on credit to get through the festive season with those who are, expecting to spend an average of £377 on credit cards, overdrafts and loans including payday loans. That’s despite the fact that a third admit they overspent on Christmas last year, with 80% of those who did confirming they had to make cutbacks this year to account for their overspending.A quarter confirmed they had to cut back on their food spend and one in seven heating their home.One in 20 surveyed by Noddle stated that they will apply for more credit before Christmas 2013, while one in ten expect to be paying off credit well into 2014. A new study shows we are set to spend over £6bn on credit this Christmas with a third of people relying on their cards to get by. Consumer Finance Expert Tom Llube reveals why building up debt on credit can affect how much we pay in interest on our mortgages and loans in the future. Giving his top tips on how to have a frugal yet festive Christmas, Tom explains the dangers of spending on our credit cards to enjoy Christmas when we can expect to suffer a financial headache in January. The research revealed that around a third of those surveyed admit they will rely on credit to get through the festive season with those who are, expecting to spend an average of £377 on credit cards, overdrafts and loans including payday loans. That’s despite the fact that a third admit they overspent on Christmas last year, with 80% of those who did confirming they had to make cutbacks this year to account for their overspending.A quarter confirmed they had to cut back on their food spend and one in seven heating their home.One in 20 surveyed by Noddle stated that they will apply for more credit before Christmas 2013, while one in ten expect to be paying off credit well into 2014. 

YOU MIGHT ALSO LIKE