What you should never do this time of year

Written By Unknown on Minggu, 31 Agustus 2014 | 23.08

Those Christmas presents look awfully nice but try not to get it on credit if you won't be able to make the repayments. Source: News Limited

Finder.com.au's Michelle Hutchison says it's important to give your plastic a once-over every now and then to ensure you're getting the best deal

YES. You're about to read a story with the word 'Christmas' in it. It is that time of the year.

If you're thinking about applying for a new credit card, get in quick. Because once it hits October, the months leading up to Christmas is a hazardous time to get a shiny new piece of plastic.

New research from Veda, a credit information company, found customers who applied for credit cards in the three months between October and December were 20 per cent more likely to default on their cards within six to nine months.

Ouch.

It makes sense that in the months leading up to the holiday season, people may need a bit of extra cash to pay for gifts, food or other celebrations. But it's also easy to fall into the trap of borrowing money you can't pay back.

Veda spokeswoman Belinda Diprose said: "Our data shows that consumers turn to credit in the lead up to the festive season to fund their spending. It can result in consumers overextending and getting into debt stress.

"With a heavy reliance on credit cards in the pre-Christmas period it's easy to let bills get out of control, so making a budget and a concerted effort to pay your bills on time is a good practice. If a credit card bill or personal loan payment goes unpaid it can have a negative impact on your credit history and might affect your chances of getting credit down the track."

Veda has a few tips for people to avoid the credit crunch at a time when the money pressure is on:

1.Do your homework – it pays to do your research on interest rates.

2.Make a list and check it – plan ahead for the festive months.

3.Keep track of your credit commitments – keep sight of everything you owe across cards, bills, loans and other debts.

4.Pay on time – consider setting up direct debts to avoid late fees.

5.Keep track of your credit record – bad credit can have long term effects, especially if you don't about it.


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