Parents encouraged to avoid Christmas debt

Parents should carefully manage their money over Christmas to lower their chances of facing debt problems.

That is according to Amy Schofield, editor of education and parenting at the guidance site MyChild.co.uk, who believes there are a number of ways in which things like credit card debt can be side-stepped.

She commented: "It's important to set a budget and stick to it, and plan your spending carefully, avoiding impulse buys."

Ms Schofield went on to say that people should consider using online resources to shop around for their Christmas presents this year, while noting that it might be cost-effective for them to buy their gifts in advance.

Earlier in the month, the insurance firm LV= revealed figures showing that as much as £294 may be spent on presents by the average adult this festive season.

The firm suggested that this may amount to a combined figure of £13.5 billion.

Written by Martin Peacock.