Financial prudence advised over Christmas
November 21, 2007 by admin
Filed under News, News-Banking
Consumers are warned that they must be in control of their finances over Christmas this year.
The Consumer Credit Counselling Service (CSSS) has said that following the global credit crunch, Brits must be more prudent than ever in keeping their under control.
James Ketchell, a spokesperson for the CSSS, explained that Christmas could end up being the “tipping point which pushes people over the edge”.
“People will have to be a lot more careful in their spending than they have been in the past perhaps, and really look at the cost of all the expenses at Christmas…They will have to live within their means,” he continued.
Meanwhile, small loans, which many consumers use to finance the festive season, are set to have increased rates this year, with the average reaching into double figures.
Furthermore, the number of rejections for loan applications has gone up substantially, with moneyexpert.com finding that 1.91 million people had their applications rejected in the six months to the end of September.
