Parents are still paying for last years christmas splurge - Strabane Chronicle

People in Strabane are still paying off huge debts following last year’s Christmas spending splurge.

PEOPLE in Strabane are still paying off huge debts following last year’s Christmas spending splurge.

The shocking fact, revealed this week by Debt Action NI’s local representative, Michael Lyttle, could be further worsened, he says, as we approach the festive period and under-pressure parents once again decide to throw financial caution to the wind.

Mr Lyttle, who remarked that Strabane’s Debt Action NI office has had its busiest year since it opened, is also urging people to “be careful” with their spending, as Christmas looms.

The local debt guru’s warning comes in the wake of a survey from YouGov this week which suggested that one in three people will turn to credit this Christmas.

According to the survey, some 58 per-cent of people will rely more heavily on their credit cards and most of the remainder will cover their costs by using overdraft facilities.

“Unfortunately some people do need to access credit over the Christmas period and unfortunately you would find that some are still paying that debt off by the following year,” Mr Lyttle said this week.

“Part of the problem is that people have credit cards with a balance and they’re making payments that they can afford. But then Christmas spending only exacerbates the situation.

“Then you have people opting for pay-day loans and that’s where you really have to be careful.

“You will have people saying that Christmas comes around once a year and that they only get the chance to spoil the kids once a year but there should be a limit to the spending, especially if you already have debts.”

Mr Lyttle says there are various steps people can take to ensure they don’t get caught out by credit and high interest loans.

“I’m not saying that people shouldn’t take any credit at all, but they have to be careful if they do,” he continued.

“Write down everything you need to buy and set a limit. Budget what you need and then stick to it. Be realistic about things. Stick to your list and don’t make impulse buys.

“When it comes to Christmas, it’s also about trying to manage children’s expectations. If, for example, you have a 12-year-old who wants an iMac at £1,200 you have to ask yourself if you can afford it. Is this a realistic expectation?,” he continued.

“And it’s not just presents at Christmas, it’s everything else: Drink, food – all the other things people spend money on.”

If you’re worried about your finances and would like to talk things over, Michael Lyttle can be contacted at the Debt Action NI office at 32-34 Bridge Street, Strabane, Tel (028)71884307 or 07578239978.

- See more at: http://strabanechronicle.com/2013/11/parents-are-still-paying-for-last-y...

PEOPLE in Strabane are still paying off huge debts following last year’s Christmas spending splurge.

The shocking fact, revealed this week by Debt Action NI’s local representative, Michael Lyttle, could be further worsened, he says, as we approach the festive period and under-pressure parents once again decide to throw financial caution to the wind.

Mr Lyttle, who remarked that Strabane’s Debt Action NI office has had its busiest year since it opened, is also urging people to “be careful” with their spending, as Christmas looms.

The local debt guru’s warning comes in the wake of a survey from YouGov this week which suggested that one in three people will turn to credit this Christmas.

According to the survey, some 58 per-cent of people will rely more heavily on their credit cards and most of the remainder will cover their costs by using overdraft facilities.

“Unfortunately some people do need to access credit over the Christmas period and unfortunately you would find that some are still paying that debt off by the following year,” Mr Lyttle said this week.

“Part of the problem is that people have credit cards with a balance and they’re making payments that they can afford. But then Christmas spending only exacerbates the situation.

“Then you have people opting for pay-day loans and that’s where you really have to be careful.

“You will have people saying that Christmas comes around once a year and that they only get the chance to spoil the kids once a year but there should be a limit to the spending, especially if you already have debts.”

Mr Lyttle says there are various steps people can take to ensure they don’t get caught out by credit and high interest loans.

“I’m not saying that people shouldn’t take any credit at all, but they have to be careful if they do,” he continued.

“Write down everything you need to buy and set a limit. Budget what you need and then stick to it. Be realistic about things. Stick to your list and don’t make impulse buys.

“When it comes to Christmas, it’s also about trying to manage children’s expectations. If, for example, you have a 12-year-old who wants an iMac at £1,200 you have to ask yourself if you can afford it. Is this a realistic expectation?,” he continued.

“And it’s not just presents at Christmas, it’s everything else: Drink, food – all the other things people spend money on.”

If you’re worried about your finances and would like to talk things over, Michael Lyttle can be contacted at the Debt Action NI office at 32-34 Bridge Street, Strabane, Tel (028)71884307 or 07578239978.

- See more at: http://strabanechronicle.com/2013/11/parents-are-still-paying-for-last-y...

PEOPLE in Strabane are still paying off huge debts following last year’s Christmas spending splurge.

The shocking fact, revealed this week by Debt Action NI’s local representative, Michael Lyttle, could be further worsened, he says, as we approach the festive period and under-pressure parents once again decide to throw financial caution to the wind.

Mr Lyttle, who remarked that Strabane’s Debt Action NI office has had its busiest year since it opened, is also urging people to “be careful” with their spending, as Christmas looms.

The local debt guru’s warning comes in the wake of a survey from YouGov this week which suggested that one in three people will turn to credit this Christmas.

According to the survey, some 58 per-cent of people will rely more heavily on their credit cards and most of the remainder will cover their costs by using overdraft facilities.

“Unfortunately some people do need to access credit over the Christmas period and unfortunately you would find that some are still paying that debt off by the following year,” Mr Lyttle said this week.

“Part of the problem is that people have credit cards with a balance and they’re making payments that they can afford. But then Christmas spending only exacerbates the situation.

“Then you have people opting for pay-day loans and that’s where you really have to be careful.

“You will have people saying that Christmas comes around once a year and that they only get the chance to spoil the kids once a year but there should be a limit to the spending, especially if you already have debts.”

Mr Lyttle says there are various steps people can take to ensure they don’t get caught out by credit and high interest loans.

“I’m not saying that people shouldn’t take any credit at all, but they have to be careful if they do,” he continued.

“Write down everything you need to buy and set a limit. Budget what you need and then stick to it. Be realistic about things. Stick to your list and don’t make impulse buys.

“When it comes to Christmas, it’s also about trying to manage children’s expectations. If, for example, you have a 12-year-old who wants an iMac at £1,200 you have to ask yourself if you can afford it. Is this a realistic expectation?,” he continued.

“And it’s not just presents at Christmas, it’s everything else: Drink, food – all the other things people spend money on.”

If you’re worried about your finances and would like to talk things over, Michael Lyttle can be contacted at the Debt Action NI office at 32-34 Bridge Street, Strabane, Tel (028)71884307 or 07578239978.

Article by Strabane Chronicle