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Sort out debts in January to avoid credit card charges

British consumers should use January to organise their debts so they can avoid being hit by any expensive credit card charges early in the new year, according to the Money Advice Trust.

The charity explained that the National Debtline it runs always sees a slump in calls in December before a spike in January when the extent of Christmas spending hits.

In the last ten years, the debt advice service has received 158,293 calls in Januarys from people looking for help in sorting out their credit card bills, as many use their plastic to pay for the festive season.

Anyone struggling with this debt should contact a help service to try to get help as soon as possible to prevent issues getting out of hand.

"If possible, rather than take on the full cost of Christmas in one month, the best way to pay for Christmas is to budget for it all year round," said Joanna Elson, chief executive of the Money Advice Trust.

She recommends people look at what they spent last Christmas and then divide the total by 12 so that they can put away money for the festive season every month.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.


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