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Budgeting For Christmas
Date: December 2009
In the run up to Christmas we are all tempted to buy things that we possibly can’t really afford. It is easy to pull out our credit card and not worry about it, at least until January’s credit card statement arrives, and then we are faced with the realisation of just how much we overspent. It’s at this point we often approach our bank to ask for a loan to repay these balances.
However, this year we should all think a little more carefully, as the loans we have so often relied upon are not as easy to obtain as before due to the market downturn that we have heard so much about. If we are unable to obtain the loan to repay the card balances then we could be trapped with the high interest rate and minimum repayments on the credit card.
Ask yourself, do I really need to buy this? Can I afford to buy it without borrowing the money? If I do borrow the money, can I afford the repayments on the card after Christmas?
If you decide that you do wish to make the purchase by borrowing the money, perhaps it would be better to plan ahead, and apply for a loan or finance plan in advance, rather than waiting until after the Christmas period and risking the potential of being refused the loan and being unable to manage the credit card repayments.
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