Brits advised against Christmas borrowing

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Brits advised against Christmas borrowing

Individuals worried about affording the expenses of the festive season have been urged not to get themselves into debt in order to pay for Christmas gifts and entertainment.

Dave Penny, managing director at Invest Southwest, said people need to ensure they are living within their means in the present financial climate and the festive season should not lead to rising debts.

He commented: "Do not borrow money to spend at Christmas, especially if the mainstream lenders won't touch you. Short-term lenders, loan sharks et cetera, are the fast track on the road to ruin."

Mr Penny added this is the worst recession for generations and people have to manage their finances in a sensible manner or face the prospect of rising interest on their borrowings in the future.

According to Martin Bamford, managing director and chartered financial Planner at Informed Choice, taking charge of finances is the first step towards managing income effectively in the present economic environment.

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