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Debt consolidation, home improvement

Paying for Christmas Using a Secured Loan

Christmas is a terrific time for all the family. It is the perfect time to see friends and family, to exchange gifts and to enjoy fine food and drink.

However, Christmas can be an expensive time. The BBC reported last year that people in Wales were planning to spend an average of £784 at Christmas. And, one fifth of people surveyed said that they were planning to spend between £1,000 and £5,000.

So, if you are worried about how you are going to finance Christmas this year, why not consider a secured loan?

Keep to a Budget

One thing you should always do at Christmas is to decide on your budget and stick to it. The budget should ideally cover many of your Christmas expenses including:

  • Presents for friends and family
  • Christmas dinner
  • Other food and drink for the festive period

It is easy to spend over £200 on Christmas dinner alone when you take into account the cost of starters and canapés, turkey, vegetables, Christmas pudding and Xmas cake, wine, port, table decorations and Christmas crackers.

Make a list of the people who you will be buying Christmas presents for well in advance. You can then start your Christmas shopping early to pick up bargains in sales earlier in the year. Buying Christmas gifts throughout the year can save you a considerable amount. You could also consider speaking to friends and family to agree a budget for presents. If you can agree an upper present value with people it can save embarrassment of gift inequality on Christmas Day.

So, work out your budget for the festive period, and stick to it.

Whilst presents and a fantastic Christmas dinner might be your idea of a great day, you don’t have to spend a fortune at Christmas time. As Dr Seuss said in How The Grinch Stole Christmas: “’Maybe Christmas,’ he thought, ‘doesn't come from a store. Maybe Christmas... perhaps... means a little bit more.’”

Secured Christmas Loan

Secured loans allow you to borrow against the equity in your home. The more equity you have in your home, the more your borrowing potential will be. The process is simple and easy and you can choose the term over which you want to repay the loan. You will have one direct debit and one affordable monthly payment.

The amount of your secured homeowner loan is determined by:

  • The amount of equity you have in your home
  • Your income and outgoings
  • Your credit history
  • How much you need to borrow to finance your Christmas

Buying your Christmas gifts and food on credit cards or by using short term loans can be extremely expensive. Credit cards often charge an interest rate in excess of 20 per cent whilst payday loans charge extravagant rates.

A secured loan can be arranged at a much lower competitive rate and give you the flexibility of paying for your Christmas expenditure over the period you choose. So, if you are looking for the best way to fund your family Christmas this year, why not consider a Xmas secured loan?

To use your home to raise money at a competitive APR, please fill this homeowner loan form.

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