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Borrowing from loan sharks for Christmas spending is the 'fast-track' to ruin

Brits urged to live within their means this Christmas

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30 November 2011

Borrowing from loan sharks for Christmas spending is the 'fast-track' to ruin”

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Britons who borrow funds from loan sharks to help facilitate their Christmas spending are on the 'fast-track' to ruin, a financial expert has warned.

Dave Penny, managing director at independent financial advisers service Invest Southwest, urged UK credit card holders to live within their means during the festive period and not get themselves into debt.

He said: "Do not borrow money to spend at Christmas, especially if the mainstream lenders won't touch you. Short-term lenders, loan sharks et cetera, are the fast track on the road to ruin.

"If you can't afford it, go without - this year of all years, it will be acceptable to friends and family to simply say, 'I'm sorry, we can't afford it'".

Mr Penny advised Brits to embrace the 'Secret Santa' approach to buying presents this year and only buy gifts for one member of their family and friendship group.

It follows a study from American Express which shows that a quarter of Brits are planning to arrange a 'Secret Santa' scheme with their loved ones this year.

Posted by Alex Adams

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