Plan for Christmas card debt now

Credit card debts are expected to soar in the next few weeks as consumers stock up for Christmas. Financial counsellors warn that February is often a month of misery for many as they try to deal with debts racked up over the summer.

Debt ratings agency Veda Advantage recommends that consumers set a spending limit and stick to it. “We are not saying don’t use your credit card, that is what they are there for, to spread out lumpy purchases like Christmas – but plan your repayments before you go out and spend the money.”

Source: Herald Sun