Debtfree Issue 202312 - DB

Also consider your existing debit orders will still run in December. If
there isn’t enough money in your account to cover these, you might
fall behind on your payments and your credit score could be affected.
Your bank may also penalise you by charging additional fees.
Be considered: If you are lucky enough to get a bonus, you could
suddenly have extra money in your account. Although you may feel
flush, resist the temptation to splurge. Think first about your financial
commitments and consider saving or investing some to provide a
financial cushion for the New Year.
Get help if you need it: After a difficult year, most of us need a break
and time to recharge. That’s not going to happen if you spend the
holidays worrying about how much you owe and how you’re going to
make ends meet in January.
A reputable debt counsellor will do a free assessment, advise whether
you can benefit from debt counselling and explain how the process
works. Having someone to help you can take away much of the
anxiety associated with dealing with debt.
It is critical to keep up debt repayments over the holiday break.
DebtBusters data shows that on average it takes up to two years for
consumers to catch up on payments missed in December. In the
current economy, it’s likely that now it could take even longer.
While we advise people to keep up repayments, we recognise that
this will not be possible for everyone. If that is the case, get help.
Delaying can negatively affect your credit record, put your assets at
risk of repossession and if you wait too long, debt counselling may no
longer be an option.