Think differently about paying back your debt this December

“As well as retailers encouraging spending, most people are on holiday and are spending more than usual. The result is that we often we see consumers picking and choosing which debts to pay over the festive period” says NDCA chairperson Benay Sager.

“The problem with this behaviour is that it usually drives up the cost of borrowing significantly because it negatively affects people’s credit ratings. Lenders consider consumers with poor credit scores higher risk and either won’t lend to them or charge higher interest rates to offset the risk.”

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