Financial Dip Following Christmas Endangers Families

Posted 2008-01-9

Over-spending naturally accompanies the holiday season, however the strain and financial burden of such events can damage long-term plans for many families, says the Department for Work and Pensions (DWP). As families struggle to pay increased bills after Christmas, the children of many households are adversely affected.

 

Recently the DWP revealed an initiative to take on child poverty in the UK and has gathered statistics of government measures that have taken 600,000 children out of poverty over the previous ten years. As families look forward to expensive events such as the festive season, the DWP says that insufficient planning can leave people struggling even harder to pay the consequential bills.

 

Susan Clark of Jobcentre Plus stated, “Struggling to pay the bills after Christmas is a situation that many people find themselves in, and it can be very stressful.”

 

Difficulties after the holidays are common all across the UK, with the north-east, north-west, and Wales all effected, according to the DWP. On average, over 50% of people in the UK overspend at Christmas.

 

One way of avoiding the anxiety and difficulties which arise from overspending is to develop a plan to control finances. As the old saying goes, “A pinch of prevention is worth a bucket load of cure.” But for those who remain challenged in accepting our elders’ advice, consolidation loans are an effective way of repaying existing debts - and releasing families from the burden of after-holiday worries.

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