Brits should get a handle of finances in the New Year
According to the Department for Work and Pensions (DWP) over spending Britons need to think ahead for their longer term financial plans. The DWP has said that a lack of financial planning for expensive periods such as Christmas and festive overspending often leads to financial shortfalls. As a consequence, some households are left struggling to pay bills.
More than 50% of Britons overspend at Christmas, with people in the North-East, North-West and Wales suffering the largest financial hangovers. Susan Clark of Job Centre Plus said:
“Struggling to pay the bills after Christmas is a situation that many people find themselves in and can be very stressful.”
One way of managing overspending may be to consolidate existing debts into one loan.