Avoid piling on the debt this Christmas

It seems Christmas is nearly upon us which mean many of us reaching for our credit cards.

If you already have credit card debts(maybe because of last Christmas) then you really need to break this cycle. Even if it means having a less extravagant Christmas this year. Below are some tips to help you avoid going crazy.

• Set a budget on how much they can realistically afford to spend, and stick to it.
• Determine before making any purchase, if the item is something they need, or something they want.
• Consider introducing a Kris Kringle-style Christmas. The emphasis is then on spending time together, rather than simply spending money.
• Reduce the Christmas food and drink bill by planning ahead, buying in bulk or asking people to bring a "plate''.
• If you receive your annual bonus at Christmas - rather than blowing it, use it to pay something off.
• Avoid the pitfalls of using multiple credit cards, including retailer's credit cards, in order to "spread the debt''.
• Ensure they always have enough money to meet their regular financial obligations including their mortgage repayments and other household utilities.