Think Money

Think Money

November 30, 2011 09:29 ET

Spending on Credit This Christmas? Budget Carefully

LONDON, UNITED KINGDOM--(Marketwire - Nov. 30, 2011) - Financial solutions company Think Money has advised anyone considering borrowing money in the near future to make sure they have a good plan in place for paying everything back.

With the festive season almost upon us, many people will be considering spreading out the cost by paying for things on their credit card, overdraft or a personal loan.

And with the base rate at an all-time low for well over two years now, the cost of borrowing seems to be getting ever lower. This could make borrowing money an increasingly attractive option - but an expert at Think Money warns would-be borrowers to think carefully before they take on any debt.

"Financial planning is as important as it's ever been - especially when it comes to borrowing money. Those of us who are managing well financially may be thinking about making a big purchase on credit - whether that's home improvements, a new car or a holiday. That's fine, just as long as those people have planned out a budget and are sure they can afford their repayments.

"Similarly, some people might be making a New Year's resolution to get their finances in order. For some, that might involve taking out a debt consolidation loan to simplify their finances and set out a clear plan for repaying their debts. This can be a good way of managing debt, but borrowers still need to make sure their repayments fit in with the rest of their budget.

"On the other end of the scale, there will be some people thinking about borrowing money because they can't keep up with their living costs. We strongly advise anyone with financial problems to avoid borrowing more money and seek expert advice instead."

Notes to Editors

Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

For more information, visit the Think Money website at http://www.thinkmoney.com.

Think Money debt consolidation section: http://www.thinkmoney.com/debt/debt-consolidation.

Contact Information