Making your money go further over the festive season

In years gone by Christmas usually referred to just one day, which was of course Christmas day, and whilst preparations for the big day were made in the run up to Christmas it was not like it is today, where the two weeks leading up to Christmas were filled with festive events and parties and the week between Christmas and New Year was also filled with events and festivities that often usually cost money. Read more

Tags: finances, save you, lucky ones, interest rates, Credit Cards, trimmings, festive budget, Christmas spending

Consumer may end up paying through the nose for using overdrafts for Christmas spending

Industry officials have warned that many consumers may end up paying through the nose for using their overdraft facilities to fund the expense of Christmas. Many may also be planning to dip into their overdrafts to make purchases in the January sales, resulting in an increase in the number of people that will be hit with these charges. Read more

Tags: expense, sales bargains, base, Christmas spending, New, overdraft costs, Business Finance, borrowing

High street to suffer as consumers try and save money

Although Christmas is just around the corner many High Street retailers are not getting too excited about the flurry of activity and more importantly the huge profits that will come rolling in, namely because this is something that is unlikely to happen this year. After a particularly gruelling year in terms of finances, with soaring living costs, rocketing bills, and sky high borrowing costs to deal with, many consumers are desperate to try and put some money aside, and to do this many will have to cut back on the cost of Christmas, and reduce the amount of money that they spend on presents, food, going out, clothes, and entertainment. Read more

Tags: base rate, bank of england, run, Electronic commerce, Christmas spending, name

Discounts hit the High Streets in a bid to increase spending

Officials have said that consumers in the UK can look forward to a season of huge discounts as Christmas approaches, with many High Street retailers slashing the cost of goods by huge amounts in a bid to increase spending levels and try and boost profits. This comes at a time when many consumers are having to tighten their belts when it comes to spending, even through the Christmas period, in order to escape overstretching themselves financially. Read more

Tags: order, Christmas spending, bank of england, High Street retailers, discounts, retail supplier, bargain basement

Personal debt soars

Britons are paying a whopping £93 billion a year in interest on borrowing, it has been reported this week.

That is an increase of £12.7 billion on the figure for the same time last year, raising widespread concerns that many people are going to be unable to manage their levels of debt.

Increasing domestic fuel bills combined with tightening borrowing conditions – and the short-term effect of Christmas spending – have led to a particularly tough environment.

The average household now pays £3,744 per year in interest on borrowing alone – an increase of £517 compared to last year.

According to uSwitch, which carried out the research, around one in four people acknowledge that repayments on their debts are not manageable.

Accountants KPMG have also warned that personal bankruptcies are likely to increase to 130,000 in 2008.

Spokesperson Mark Sands told the Daily Mail: “Those in difficulty will find that their options are becoming limited.”

Tags: Christmas spending, debt, personal debt, spokesperson, week, spending, repayments, Financial services