Christmas on credit cards

Christmas is the time to enjoy, dine traditionally with family and friends, exchange gifts and greet everyone. Christmas brings joy and happiness and with itself, it too brings lots of expenses.

In order to manage your expenses, you may need to borrow money from others or use your credit cards.

A research shows that during the festive season, the usage of credit card goes high. The improper use of credit card is raising the numbers of debt cases all around the world.

According to a research carried out by YouGov, during the festive period around 31% of people borrow money to fund their expenses. Out of which 58% use their credit cards while 39% of them depend upon their overdrafts for their spending.

Credit cards can be a great source for a short-term flow of money. Till then you keep clearing your credit card debts within the given period of time, it typically won’t pose a problem. But once you fail to make your payments regularly, the amount keeps piling up.

Because of the UK's tough financial conditions, more people are likely to get into the debt this Christmas. It’s expected a large number of people would fall behind on their credit card payments.

So, if you have used your credit cards to fund your Christmas spending, make sure you clear the dues within a few months so that interest won’t pile up to worsen your financial conditions.

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