How to manage borrowing this Christmas
Yes, we all know that Christmas is coming, but the important thing to ask is, do you know how you will manage your borrowing this season?
To help out consumers who will be getting into debt this festive season, the Office of Fair Trading (OFT) has launched a web campaign that is designed to educate 18-24-year-olds about debt.
The advice follows research from the Consumer Credit Counselling Service, showing that women tend to have numerous smaller debts compared with men, who are more likely to have fewer debts but for larger amounts.
A recent survey by Equifax also showed that over 30 per cent of young adults said they would be unable to survive financially for a month without their job and of the people who said they were financially struggling, one in three blamed it on job loss.
Online interest calculators and budget planners can be found on the OFT's website, to help you better plan your spending this December.
John Fingleton, OFT chief executive, said: 'Credit helps consumers spread their commitments over the year. It is of growing importance to young consumers and is already an established part of their financial landscape.
'Our campaign aims to give this group the skills they need to budget and be as savvy borrowers as they are shoppers.' | 
