• Home
• News
• About Us
• Contact Us
• Buy Legal Documents
• Take on my case

Posted by Francesca Witney

Consumers concerned about the financial implications of the festive season should make sure they set a strict spending limit to avoid running into monetary problems, an expert has said.

According to Michael Garvey, chartered financial planner at Edinburgh Wealth Management, it is vital for all Britons to act responsibly with their cash at Christmas, as failure to do so could lead to their debts spiralling out of control.

Mr Garvey explained that individuals who have no choice but to borrow funds should try and do so via a credit card with zero per cent interest charges on purchases for the first six months.

This, he noted, means consumers are only using the debt as a "means to an end" as opposed to being completely reliant on it.

"We have got to budget exactly how much we want to spend and be disciplined about not exceeding that budget," the specialist added.

Recently, a spokeswoman from the Money Advice Service indicated that people must avoid the temptation of taking out a payday loan to afford Christmas gifts. 

12/12/2011 12:09