RUNCORN, England — The ghouls and goblins of Halloween may have disappeared, but the most frightening time of year for many consumers is now upon us. Every year thousands of people in the UK go deep into debt or blow their household budgets buying holiday gifts for friends, family and co-workers. Experts say that despite the best efforts of individuals to control their spending, many simply get caught up in the season and end up buying now, and paying later.
"Somehow individuals never plan for the expenses that the holidays inevitably bring each and every year," said Steve Rhode, chairman of the financial crisis centre Myvesta UK. "All too often those gifts, decorations and parties end up on credit cards while the warm fuzzy feeling of the season blocks the rational spending area of our brain. The fact that it's Christmastime gives many shoppers a false sense of generosity without having the funds to back their purchases. But it doesn't have to be this way."
Mr Rhode says that people who start their holiday shopping early and track their spending are the ones who get through the season without breaking the bank.
Mr Rhode said: "It's the last minute gifts on Christmas Eve that often blow the holiday budget. At that point people just need a gift, no matter what the cost, and those types of purchases end up on plastic. By allowing yourself plenty of time to finish your shopping and keeping track of how much you've spent, you can compare prices or shop online and find better deals on gifts while keeping to your spending plan. You're also much more likely to find a present that someone will enjoy and remember, rather than the last-minute tie or shoe buffer that gets stuck in the closet."
To help people make it through the holiday season without going deep into debt, Myvesta UK has created an online forum where individuals can discuss their holiday shopping experiences. Users of the free forum can share shopping tips, ask for advice from other shoppers and compare experiences while buying holiday gifts. To access the holiday shopping forum visit Myvesta.org.uk online.
