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FLA: Keep an eye on finances this Christmas

Published: 07/12/2009

Consumers have been advised to use cash and debit cards this Christmas and to shop around for loans if they need to borrow money.

Research by the Finance and Leasing Association (FLA) found that the average person in the UK spent 11 per cent more on credit cards and 25 per cent more on store cards over the holidays than during the other 11 months of the year.

Britons should remember other Christmas expenses when shopping for presents, such as food, drink, cards and wrapping, the organisation said.

Fiona Hoyle of the FLA said: "Christmas can be a tough time, make sure money isn't one of your worries. Take stock after Christmas - if you're not going to be able to repay your debts, talk to your lender as soon as possible. They can't help if they don't know there's a problem."

Consumers were also advised to aim to pay off all Christmas debts by March and to factor in January bills into planned loan repayments.

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