Christmas is around the corner and it’s such an exciting time of year, especially for our children, but with this comes extra pressure in providing for our loved ones. For Christmas:
- 1 in 5 people go into the new year in debt
- 1 in 10 people turn to loan sharks to borrow
This causes a great deal of stress later down the line when you try to cover the repayments.
Our top tips
- Do Secret Santa with a set budget - this way, everyone gets a gift, with the pressure taken off those who can’t afford to buy for everyone
- If you need to borrow, use safe lenders such as credit unions or Community Development financial institutes
- Only borrow what you need and don’t borrow more than you can comfortably afford to pay back
- If you need to borrow, use safe lenders such as credit unions or Community Development financial institutes
- Only borrow what you need and don’t borrow more than you can comfortably afford to pay back
- Consider making something homemade like cookies or cakes to share
Beware of Loan Sharks
Loan sharks are illegal money lenders who come in many forms. They could be people you know, work colleagues, parents in the playground.
This means they lend money without any regulation and charge extremely high interest, which can sometimes change and make it harder for you to pay the debt off.
If you’re worried that someone you know is using a loan shark, you can report anonymously at stoploansharks.co.uk.
Affordable and safe borrowing
Southway offers an affordable loan of £300 with years to pay it off and transparent fees from a reputable lender, South Manchester Credit Union (SMCU). SMCU also has a Christmas savings account that you can start today to get ready for next year.
Contact us for more information on services mentioned in this section, or if you’re in financial difficulty, or have questions about debt, money management or saving.