Tuesday, 17 November 2009

cash not credit

The Church of England is producing three short videos with suggestions for an affordable Christmas. The videocasts are made by Dr John Preston the C of E’s Resources and Stewardship Officer and offer money saving tips and advice in the lead up to this year’s festivities. Resources include The Affordable Christmas Planner to help people plan a budget for presents, food, drink, travel and other expenses.

One key tip from the first video is to use cash for purchases rather than credit cards, as a way of consciously recognising how much you are spending. In parishes where I’ve served I knew people who spent all year paying off the credit card bills run up over Christmas at exorbitant interest rates, only to go straight back into debt again for the next Christmas. The only caveat I would suggest is that on larger purchases credit cards can offer added consumer protection and some offer cash back, but it’s only worth it if you can pay off the bill in full. Beware the ‘buy now pay back in six months interest free’ offers from cards and stores because people often fail to pay back in time and then get clobbered with six months interest. Anyway, the videos offer straightforward and practical suggestions and are well worth a viewing.

No comments: