Galwegians wake up to New Year spending hangover

Written by Administrator

Wednesday, 14 February 2007

Over €70 million is likely to have been spent over the Christmas period by Galwegians, despite the fact that many households were already carrying significant balances on their credit cards.

This number assumes €1,000 was spent per household, but based on recent personal loan activity, GE Money believes that many households have spent €3,600 on gifts and the seasonal festivities. Financial hangovers are similar to the original kind; they are brought about by excess consumption, very often during periods of enjoyment.

Symptoms typically begin initially with denial, pushing aside the unopened bills. This stage can last for varying amounts of time before reality sinks in. Most hangovers are curable and financial ones are no exception.

According to Rosie Dunne of GE Money, "It's a given that most of us spend more at Christmas. The key to financial health is planning and now that Christmas is well and truly over, it is essential that your finances are in order. It's not just a matter of cutting out spending, there's generally a big outstanding balance that needs sorting. We have seen a number of people who are struggling to clear their Christmas debt. A solution may be to roll those debts into a short-term personal loan. This makes perfect sense as the average rate on a credit card is almost 15 per cent, whereas a personal loan can be obtained at rates starting at just over seven per cent."

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