Getting out of the red this January

Published on: Mon, 06 Jan 2020
By: Dan, redwigwam

Overspent this Christmas? Feeling the pinch now we’re into January? A survey has revealed that millions of Brits are worried about their Christmas debt and how it will impact them.

December typically brings festive cheer, staff nights out, lots of presents and an early payday for most of us.

However what happens in January, after you’ve taken your tree down and looked at your bank account balance?

The survey of 2,000 people found 1 in 3 considered taking out a credit card, loan or overdraft to help cover the spiralling costs of Christmas after spending nearly double their budget on things like presents, food and drink, hosting friends and family, travel and accommodation.

So what can be done to try and rescue this debt in January? We asked Lorna, our CEO, who said:

“The cost of Christmas adds financial pressure to many of us, whether you are a single parent struggling to maintain a work-life balance, or have simply indulged and overspent during the festive season.

“Financial stress can put a huge strain on your day to day life and happiness, but there are lots of options available, which mean you don’t have to borrow money from friends, family or a loan provider.”

One way you can get out of debt is to cut back spending on unnecessary things, this might be that Friday night takeaway or the few pints down the pub at the weekend.

However, if you’re not willing to give those up there’s always RedWigWam…

“redwigwam is the ideal solution for topping up your income, with a few hours here and there, when it suits you. Some of the UK’s top money-saving bloggers recommend us and make money by signing up to complete surveys or working vacancies such as bar and waiting staff. Many jobs can even fit into your daily routine with 1 in 3 RedWigWam mystery shoppers revealing they carry out the job during their weekly shop”.

How are your finances looking this January? Do you have any tips for getting out of the red?

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