People advised not to rely on loans for Christmas
November 2, 2007 by admin
Filed under News, News-Loans
Consumers are advised not to take out elf”>loans in order to “make Christmas happen”, an industry expert has said.
According to Steven Baillie, head of loans at Sainsbury’s Bank, using a personal loan purely to fund Christmas is not recommendable, as it may take a few years to pay off.
“If you’ve got to carry that forward for another 12, 24, 36 months … Christmas comes round two or three times before you’ve paid off the first one. So it’s not something I would, as a responsible lending organisation, expect customers to do,” he said.
Research by MoneyExpert.com on Christmas spending reveals that over a million bills were neglected in January this year as a result of excessive spending over the festive season.
Meanwhile, Credit Action found that there were 669 million credit card transactions made in December 2006, up six per cent on the previous year and equating to 250 transactions per second throughout the month.
