Buy now pay later as Christmas approaches!
The traditional "buy now pay later" strategy which many people use over the festive period is set to pile up debt even higher in the UK. As money becomes tighter, job security more difficult and monthly budgets come under more and more pressure it seems that many in the UK will resort to high-cost loans to cover any shortfall. But is this really a sensible solution?
The problem is that many more jobs will be lost in the UK over the next 12 months and more and more people will be pushed into financial poverty, potentially unable to cover their mortgage and loan liabilities. While we all want to enjoy the best Christmas, buy the best presents and live life to the full this has to be weighed up against the cost to your long-term financial well-being and the cost to you in pounds, shillings and pence. Is it worth putting yourself into debt for the foreseeable future just for the sake of the festive period?
There's no doubt that more and more people in the UK will be asking themselves this question over the next few weeks. Retail sales have been disappointing although against a background of falling economic confidence, rising unemployment and a high cost of living, this was only to be expected. Very soon we will learn whether more and more in the UK have pushed themselves above and beyond the limit of their financial well-being.
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