Consumers juggle loans during the January sales
Consumers who are struggling to manage existing loan and other credit commitments have been advised to avoid the spending temptations that the January sales can bring.
Britain’s foremost consumer credit advisory institution has urged Brits to concentrate their financial prowess more on clearing their debts rather than seeking a good bargain in January, in order to set them in good stead for the rest of the year.
It has been suggested that a staggeringly large number of borrowers, who are at the absolute hilt with regards to their financial commitments, will often tilt the scales in the wrong direction as a result of January shopping.
A spokesperson for the institution commented that as far as timing is concerned, having sales in January, for many, is a financial death sentence. In almost all instances, consumers are pretty much wiped out after Christmas and the New Year, credit cards are often at their limits, and many will have also committed to loans pre-season which require attention in the New Year. For those individuals whose ability to manage their credit commitments is already shaky, the sales in January are perfectly positioned to push many a Brit over the edge.
Consumers are advised to apply serious thought towards their finances in the New Year, and to also identify the most common areas in which they are likely to fall down. For many, bargain based retail therapy should be avoided at all costs, but particularly when funds are at their tightest.
