Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Christmas Finance Options

Yep, It's Here Again

We're fast approaching the most expensive time of year. In fact, I'm pretty sure we're already deep into it. Only last week I was at a garden centre which was so packed to the brim with seasonal shiny things that I could barely turn around without knocking something over. Pretty though these things are, they do signal the time when our society likes to go absolutely pan crazy with buying presents, decorations, food, drink, clothes, drink, did I mention drink? But where can you accumulate the money you need quickly to cover this? After all, we don't get a pay rise each Christmas, do we? Well, I don't at least. And unless you're the Griswold family, you can't expect to get a huge bonus to cover the installation of a garden swimming pool. What are the alternatives?

Your Options

Saving Throughout the Year

 

Alright captain smug. If you've saved your Christmas funds throughout the year, maybe puttting a little aside, then well done you. However, not all of us will have done that, or can even afford to do that. If you fall into that camp (like me), then maybe this is one to consider for next year, but it's not going to help with Christmas 2015 is it?

 

A Little Extra Work

 

Thankfully, higher spending, means more work, and that work comes in the guise of “Seasonal Work”. Shops are the main port of call for the increased labour need. So if you're happy to plonk yourself down in a shop for a few extra hours throughout the winter months, then why not? If you're going to be sitting at home, sheltering from the cold anyway, you might as well warm yourself using a shop's central heating, and get paid for it at the same time. So you win on fuel costs and income!

 

Credit Cards

 

Those little plastic rectangle things are used more than ever at this time of year. But remember, with any borrowing, you're gonna have to pay it back sometime. The question is, are you getting the best rate. If you've got a card already and you just want to buy the odd thing, then your card is probably your best bet. However, if you're thinking on spilling out on a more lavish gift or festive season, then a credit card may not offer you the best interest rate. It might be worth considering an installment loan, so that you can get a lower rate with fixed term and repayments.

 

Payday Loan

 

If you only need a little extra money to get some things before your next payday (especially if your payday is post Christmas day!), then a payday loan might see you through nicely. Remember, it's credit, so you need to pay it back, but thankfully having the ability to repay your loan in a short time, means you don't accumulate much interest and therefore the pain isn't too great. This could be the ideal option if you don't have a credit card but don't want to spend enough to warrant an installment loan.

 

Installment Loan

 

If you're looking to spend a little extra this year, perhaps on a big gift, or sprucing up the house in time for family to visit, then a loan with fixed repayments and a regular installment agreement might be right for you. You can compare the types of loan on offer using our comparison page and get an idea of the best repayment term to interest rate ratio.

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