Christmas spending tips
Here are some tips to help you deal with debt and get through the next few months without breaking the bank.
- Start buying your Christmas gifts in November (use your October income) to avoid leaving all expenses for your November pay cheque.
- Use your Christmas bonus to help pay some of the debt off. Don’t waste it on things you don’t need!
- Stop spending – don't incur any further credit until your other credit is paid back unless it is a consolidated loan.
- Try and supplement your income so that you will be able to pay back faster.
- Focus your efforts and make sure that you make paying back your debts a priority. You never know when you might need credit again.
- Prioritise your debt and pay back the accounts that are charging you higher interest first. Do this by paying only the minimum instalments on the other accounts and allocating a greater amount to the higher account.
If you feel that you are unable to pay all of these debts then you can consider consolidating all your accounts (which is taking one loan amount to pay off all your accounts and paying back only one instalment on that consolidated loan). If that also doesn't help you, you could consider consulting with a debt counsellor.