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THE GHOST OF CHRISTMAS DEBT
Equifax offers consumers practical advice
on managing Christmas spending

Christmas is just around the corner and the seasonal shoppers are already out in force. In October consumer debt reached a record of over £10 billion and Christmas will only increase the temptation to borrow even more. Equifax, a leading credit information provider, is offering consumers essential advice on how to manage their spending for the festive season.

The pressure to spend on credit at Christmas is enormous, which can leave people suffering with a financial hangover well into the New Year. An astonishing number of people also don’t know exactly how much they owe*, making it even more difficult for them to manage their debts. By simply logging onto www.myequifax.co.uk consumers will be able to see their financial agreements, giving them a clearer picture of their financial commitments and empowering them to better manage their financial health at Christmas.

Neil Munroe, External Affairs Director of Equifax comments, “People who are already reaching their credit limit on cards, loans and overdrafts during the festive season may find themselves tempted to take out further credit. When the New Year rolls in, so do the bills and some borrowers may find they don’t have enough to make even the minimum payments, which means they could suffer well into 2004.

“ In light of the recent increase in interest rates, consumers need to take stock of their financial situation more than ever and plan their Christmas spending carefully to avoid overspending. MyEquifax is a fast, easy and convenient way for individuals to access their credit file and review their current financial position. This way they can make an informed decision on whether they can take on more credit and help them set a realistic budget to enjoy a very merry Christmas.”

BANISH THE GHOST OF CHRISTMAS DEBT
DO’S AND DON’TS FROM EQUIFAX

  • Do apply for a copy of your credit file - you will be able to see all your financial agreements, providing you with a clear picture of your debts
  • Do budget by making a list of items and how much they will cost
  • Do shop around for credit and take advantage of interest free periods, but only if you can realistically afford the repayments, especially after the introductory period
  • Don’t fund Christmas on an unauthorised overdraft – you will be feeling the affects well into the New Year
  • Don’t take on any more credit or borrow more on existing agreements if you are in financial difficulties
  • Do talk to creditors and keep them informed if you are struggling
  • Do prioritise your outgoings, such as paying your mortgage if you are in financial difficulties
  • Don’t approach a credit repair agency that offers to remove late payments or bankruptcies. They simply won’t be able to do this
  • Don’t go mad in the January sales if you overspent at Christmas


Equifax is the first credit reference agency to offer instant, online access to credit files in real-time. www.myequifax.co.uk


ENDS
December 2003


*Recent figures from Citizen Advice Bureau revealed that in September 2003, 23% of people with credit cards and loans had no idea how much they owed.