How can I fix my finances after Christmas

How can I fix my finances after Christmas

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Video transcript

A survey shows families with an average income will probably still be paying off Christmas 2013 in June 2014, but perhaps by reorganising your debt you can avoid getting too much cashflow pressure.

The TUC has analysed how wages are effectively falling due to the cost of living increasing, as well as how lower household savings mean it`ll be harder to pay off credit cards and loans in the new year.

With consumer debt going up by 4.9 per cent in 2013, the union believes it`ll take 24 weeks to pay off the festive season – for Christmas 2012, it was a still substantial 20 weeks.

If you think that the paying off the celebrations that coincided with the end of the last one is going to be too much of a struggle you may wish to look at consolidating your debt so that all your credit borrowing can be paid refinanced through a longer term loan, leaving you with smaller repayments to make instead.

Interest payments will probably be higher over the course of your new loan so check the figures out carefully. To find out what your payments might be contact us at firstchoicefinance.co.uk or call on 0333 003 1505 or 0800 928 3000.

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Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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