Christmas is a time for festivities and spending time with our loved ones. It’s such an exciting time of year, especially for children, but it also brings lots of financial pressures. Avoid loan sharks this Christmas Gift giving and festive treats mount up and, coupled with the huge rise in food and day-to-day living costs, people often turn to borrowing money to get them through. One in five people go into the new year in debt because of the cost of Christmas and one in ten people turn to loan sharks to borrow to help make it an enjoyable time. Avoid going to loan sharks. Loan sharks are illegal and lend money without any regulation. They charge extremely high interest rates that can change without warning, making it harder for you to pay the debt off. Loan sharks come in many forms — they could even be people you know. If you’ve been targeted by loan sharks or know someone who has, call Stop Loan Sharks on 0300 555 2222 for free advice and support.
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Did you know? Southway offers tenants an affordable way of borrowing up to £300 quickly and easily. Our Southway Solutions loan scheme is run in partnership with South Manchester Credit Union, who also have a Christmas savings account that you can start today to get ready for next year. To apply, please call our Customer Hub on 0161 448 4200 and they’ll check your eligibility. If you’re struggling or have questions about debt, the Hub can also put you in touch with our Advice team for free and confidential support.
Top tips for a pressure- free Christmas
• Do secret Santa with a price limit. People can get creative with their gifts, everyone gets something and there’s less pressure! • If you need to borrow, use safe lenders like credit unions or Community Development Financial Institutions. • Only borrow what you need and don’t borrow more than you can comfortably afford to pay back
• Use cashback sites like Top Cashback, to make sure you’re making savings with every purchase. You can use this money to pay off any debts! • Find bargains in charity shops and pre-loved sites • Homemade treats like cookies or cakes are great to make and share!
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