Let Santa be the only one in red this Christmas

• Thursday, 19 November 2009

Press release issued November 2009
Word count - 476

Let Santa be the only one in red this Christmas

Christmas is meant to be a happy time of year, but increasingly it has become one of the most expensive times of year for many families. With the UK deep into the recession, times are hard and this time of year can add considerable pressure on many households budgets and relationships.

Christmas debt will be more poignant than ever this year. According to a recent article, one in ten adults still have not paid their credit card debts racked up from last Christmas. That equates to a shocking 4.5 million people. Add that debt to this Christmas and the effect could be devastating for some families.

These figures have come as no surprise to the IVA Watchdog who work with people experiencing financial difficulties. The IVA Watchdog was established to review IVA’s (Individual Voluntary Arrangement) and advise on better financial solutions.

Tony Carter from IVA Watchdog says, “Since the economy has taken a down turn, there are a number of companies that have sprung up willing to cash in on people’s misery and debt such as time consuming and costly IVAs. With Christmas just around the corner, we will be expecting a greater volume of calls for help from people looking for ways to manage and eliminate their escalating credit card debt.”

Consumers will no doubt try to spend less this year. A study by Moneysupermarket Vouchers reported that the average Christmas shopping fund will be down to £232 this year compared to the average of £376 last year.

So how can Christmas spend be reduced this year?

1. Buy fewer presents and use cash.
2. Use discount vouchers where possible.
3. Use online price checkers – shop around for the best price.
4. Search for discount codes on-line.
5. Haven’t got the money? Try not to spend too much on your credit cards. Why not think about making some home presents this year.

However, reducing spend might not be enough to keep many people out of debt. IVA Watchdog commented, “The worse thing that a person can do when they are in debt is to do nothing.” Tony Carter commented, “Ignoring debt is not the answer, there are many companies such as IVA Watchdog that are on hand to provide professional unbiased advice to find the best solution for debt clearing. We understand that in many circumstances it is not possible to pay off credit card debt in one go and solutions such as IVA’s can often be more harmful than good. We look at the best options that are available, whether it be a debt management plan, debt settlement plan or filing for bankruptcy.

If you are struggling to control your credit card debt over the Christmas period and need financial management advice, contact the IVA Watchdog today on 0800 840 1771.

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For more information contact Tony Carter on 01202 636078 or email t.carter@intlm.co.uk

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