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'Good plan needed' to manage Christmas debt
Consumers need to carefully plan how they propose to pay back debts or credit they run up over the Christmas period, it has been suggested.
According to Melanie Taylor, head of corporate relations at Think Money, people can benefit from having a clear idea on how and when they expect to repay, unless a pre-arranged plan is in place and they are using a personal loan deal.
She explained that a clear plan of action can be particularly useful as those who assume they will be able to pay off debts within a couple of months can often by knocked off track by "one or two unexpected costs".
"For borrowers who do get into difficulties with their debts, it's important that they don't hesitate to get the right debt help," she added.
"An expert debt adviser can provide help and guidance on a range of debt solutions, each designed to help with different situations and different levels of debt."
The Finance & Leasing Association recently called on shoppers who expect to spend over their means over the festive period to shop around for loans or other products.