Christmas with Credit Unions of Wales

Christmas time can often be an expensive time, especially with the ongoing cost of living crisis. Research has shown that 44% of adults in Great Britain worry about how much Christmas is going to cost them.

“Even though most people are still looking forward to the festivities, over 4 in 10 are worried about its cost” (Skinner, 2023).

There may come a time where you decide to borrow and take out a loan. If you are considering this, it is so important that you are making responsible and informed choices.

Here at Credit Unions of Wales, we want you to make the best decision for your personal circumstance. This is why we are sharing our top tips on managing costs at Christmas.

Set a Realistic Budget – Assess what you can afford without compromising essential costs like rent, utilities, or other regular outgoings.

Plan– Write out exactly what you need to buy – do not overspend or make impulse purchases.

Review Past Spending – Reflect on last year’s expenses and look for areas where you can cut back.

If you still think you need to borrow to keep up with costs at Christmas, you might consider your local credit union. We can direct you to your local credit union where you can apply for a loan – and set up a savings account ready for next Christmas!

Why chose a credit union?

• We are a not-for-profit, member owned organisation
• Each loan application is individually assessed based off affordability, not just your credit score
• You save alongside repaying your loan
• Interest is charged on the reducing balance of the loan, with no hidden fees or penalties for early repayment.
• Regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Make informed financial decisions this festive period! If you would like to join your local credit union, click here.

Happy Holidays!

Source: Skinner, G., Pedley, K., Garrett, C. and Roff, B. (2023). More than two in five Britons worry about how much Christmas is going to cost. [online] Ipsos. https://www.ipsos.com/en-uk/more-two-in-five-britons-worry-about-how-much-christmas-is-going-to-cost