Holiday insurance also a must for a safe trip
Thu, 08 Dec 2005
Young consumers are being warned to remember holiday insurance this Christmas, even if they overspend on presents for family and friends.
Credit company Experian is warning younger people that they could face a number of pitfalls during the forthcoming festive period if they fail to budget adequately.
Recent research by CreditExpert from Experian shows that around 30.6 per cent of 17-25 year olds do not budget for Christmas spending and are often forced to spend on credit cards in order to purchase gifts – meaning they make decide to make savings in other areas such as holiday insurance cover or damage their credit rating.
Younger consumers also feel more pressure to purchase expensive Christmas presents than older shoppers, with 44.2 per cent of under 25s admitting they are often forced to spend more than they want.
"Christmas is a time when many people pay less attention to their finances than normal as family and other social commitments take over," said director of consumer affairs at Experian, Jill Stevens.
"But overspending, forgetting to make payments to credit cards and disposing of shopping receipts carelessly can all have a damaging effect on your creditworthiness," she added. 
© Adfero Ltd
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