Festive Finances Day 1 - Borrowing Responsibly

Posted by: Eden Morrison on October 23 2017 | Tagged:

Welcome to Festive Finances 2017! This week we will be looking at how to manage your money over Christmas without breaking the bank, or coming out the other side with a Financial Hangover! 

Day 1 - Borrowing Responsibly

Day 2 - Credit for Household Items

Day 3 - Scotcash Loans

Day 4 - #ThriftyThursday

Day 5 - Savings

For day one of Festive Finances we will be looking at Borrowing Responsibly. 


Over the festive period with food, drinks, travel, decorations, presents and nights out - the costs can soon add up - especially with 1 in 4 adults in the UK feeling like they are pressured into overspending. This leaves a number of people across the UK left with no choice but to spread the costs across loans or credit cards. If you are not careful with where your credit is sourced from, you could be left with a financial hangover in the New Year, with high interest costs and long repayment terms. 

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This Christmas Calculator from Independent Age can let you see how much money you will need for your Christmas expenses - so you are not in the dark when it comes to your spending.


The first thing to consider when borrowing is whether you need to. Don't borrow unless you have to. If you find yourself in the situation where you do have to borrow, there are a number of things that you can do to avoid getting a financial hangover in the New Year. The main thing to remember is to avoid high cost lenders such as pay day lenders and door to door lenders. They may be accessible, and the weekly repayments may seem manageable, but always remember to take a look at the interest rates and payment term on any credit you consider. 


Ethical Lenders

If you are considering borrowing, your first port of call should be banks and credit unions as they will have the lowest interest rates available on the market. 


If you are unable to access either banks or credit unions, don't worry. There are a number of ethical and approachable services who can provide access to credit and loans for those who are not in employment, or do not have the best credit ratings. Take a look at our loan information page to see if a Scotcash loan would be suitable for your borrowing needs. To find other ethical services have a search on Responsible Finance, where there are a number of low cost lenders and ethical sources.


If you are a Scotcash customer and feel like you would benefit from Money Advice, contact us to make an appointment with one of our Money Advice Team Members - supported by Glasgow Citizens Advice Bureau. If you are further afield - check here to see where your nearest Money Advice service is.

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