Post Office: Savings schemes for Christmas can help prevent debt

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Post Office: Savings schemes for Christmas can help prevent debt

Fri 31st Oct 2008

A Post Office savings scheme could help consumers to budget for the festive season, it has been claimed.

Rob Scott of the Post Office Christmas Club said that such a savings scheme would help people to put money away in advance.

Noting that a lot of people are concerned about finances during the festive season, he said: "The reasons [for joining] are the same for joining any kind of Christmas club: people put money away to budget for Christmas so you don't get yourself in debt."

The Post Office Christmas Club does not involve credit or charge cards and is not a debit card linked to a current account.

It is a pre-paid card which means money must be loaded on to it and then spent at participating retailers' stores.

Money can be paid into the club at any Post Office and joining can cost as little as £5, with a maximum of £1,000.

Members can put money aside as regularly as they want.

The Christmas Club Card can be used at thousands of high street stores.

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