Financing Christmas Could Cost More Than Anticipated
We all know that the cost of Christmas can be crippling, which is why so many people end up taking out a loan or clocking up debt on their credit cards in order to manage financially over the festive period.
However, a number of studies have indicated that for many people the cost of Christmas could be higher than anticipated, with many UK consumers requiring extra funds to cover costs such as decorating their properties for the arrival of guests or on going on holiday or to stay with relations abroad over the period.
Brits are already set to spend a fortune over the Christmas and New Year period on entertainment, extra groceries, gifts, and clothes for Christmas events. However, the Alliance & Leicester have published a report that indicated around 65% of Brits will be playing host over the Christmas period, and out of these over eighty percent will be spending money on decorating their home in order to get it prepared for both the festivities and for having guests.
It is estimated that in total households in the UK will spend over one and a half billion pounds on decorating their homes, with the average cost per household standing at nearly one hundred and fifty pounds. A further study that was carried out by Sainsbury’s Bank Travel Insurance indicated that over eleven percent of Brits are planning to jet off over the festive period, which can again add to the cost of Christmas period for a number of households.
Those planning to fund these costs with a credit card are advised to look around and compare the different deals available in order to ensure that they do not have to pay over the odds on the cost of decorations, holidays, and general shopping over the Christmas period. For those looking to spread the cost of Christmas, a credit card offering an introductory interest free period could prove invaluable, as you can then avoid paying interest charges providing you repay the balance on the card within the specified interest free period.
Alisdair Milton
14th December 2006
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