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Beg and Borrow the Month of January
In the aftermath of Christmas many people will soon be finding themselves in financial difficulties as the full cost of celebrating the festive period begins to hit home. As the first credit card and bank statements of 2007 begin to drop through your letter box, no doubt we will all have a few unpleasant surprises. This is the time of year when people seem to look at different avenues of borrowing, something not normally considered at other times of the year. Some of the more popular ways of funding the Christmas excess are: Borrowing from the Kids! Research by Yorkshire Bank has shown that children will have received some where in the region of £2.2 billion from family and friends over the festive period, which averages out at about £191.50 per child in the UK. This makes many children a great form of funding for the start of 2007, with bills to meet and debts to cover. It is estimated that some 1.3 million parents will borrow some of their children?s Christmas money in the month of January, with the majority paid back some time in February. Returning Gifts As crazy as it may seem, surveys have shown that an estimated 300,000 parents will return some of their children?s Christmas presents in January, predominately to raise funds to cover urgent bills and living expenses. This statistic more than any other, shows the pressure which is being exerted upon parents by aggressive marketing in the run up to Christmas. As children continually attempt to ?out do? each other on the presents front, the ever increasing pressure to keep your children happy can cause extreme hardship. Changing Spending Habits While many people may be spending their Christmas money at the sales, whether they can really afford to or not, January is one of the quietest months of the year for ?luxury? venues such as restaurants and cinemas. It has been revealed that up to 20% of adults will be changing their spending patterns in January, with many missing the regular meal out or visit to the cinema. The fact that people are actually willing to change their spending habits and pay off loans and debts is encouraging, although it does emphasis the massive impact which Christmas can have on your finances. While easier said than done, it is essential that you show financial constraint, even under the most extreme of pressure.
This article courtesy of http://www.bra-4u.com.
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