As we head towards the holiday season the number of people that are paying for Christmas with expensive credit options is quite surprising. Rather than restructuring your borrowing people are using expensive store cards because they are convenient.

Statistics on the (www.creditaction.org.uk – November Stats) states “Research from Alliance & Leicester Personal Loans has revealed that a staggering 23% of people have used store cards to help pay towards their Christmas spending. Of these over half use store cards simply because they were offered them at the point of purchase. This is despite some eye-watering interest rates which can easily make the effects of those festive purchases last much longer than the Christmas hangover.”

Looking to reorganise your finances, by taking a secured loan or remortgaging your home, may be a better option over these expensive cards as your monthly outgoings could be reduced.