‘Spend wisely’ advice for a debt-free Christmas

With the Christmas decorations already going up on the streets throughout the Province concerns have turned again to the problem of debt at Christmas.

The Social Security Agency and the Northern Ireland Association of Citizens Advice Bureaux have highlighted the problem with the relaunch of a leaflet called ‘How to keep out of Debt this Christmas’.

At the launch of the leaflet in Castle Court, Chris Thompson, Chief Executive of the Social Security Agency, said: “Christmas is a happy time of year. Many people can get caught up with shopping and Christmas present lists without realising how much they are spending. However, after the festivities are over the realisation of just how much has been spent can cause difficulties for families.

“We want people to enjoy themselves but to know their spending limitations. This leaflet which is easy to follow and can help those celebrating Christmas to better plan their finances.”

Derek Alcorn, Chief Executive of the Northern Ireland Association of Citizens Advice Bureaux, added: “Each year our client numbers increase as more and more people find difficulty coping with their Christmas spending. Serious debt problems are frequently highlighted in the period just after Christmas.

“It is important that everyone takes extra care with their budgets, and that the public shops around for the cheapest form of credit – store cards typically charge almost four times more interest than a personal loan from a bank or building society.”

The widely distributed leaflet sets out a simple four-step guide to better spending at Christmas.

The largest advice charity in Northern Ireland Citizens Advice provides information, advice and advocacy to around 186,000 clients each year. Of these, 22,000 clients had debt-related difficulties.

The Social Security Agency Social Fund paid out £48,952,691 in loans and grants during the last financial year.

(SP)