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Aussies planning on funding Christmas by using credit cards are being urged to ensure they pay off the balance as soon as possible.
Those considering how they will fund their expenditure over the Christmas period are being advised to do so with caution.
Chris Whitehead, chief executive of Credit Union Australia, claims that people looking at how they will meet the cost of gifts, food and other seasonal expenditure in the run-up to the festive season should draw up a list of the things they want to buy in advance.
From here they should create a budget to help them figure out how they will pay for such items, something that could mean they are less likely to make impulse purchases.
In taking this action, he tells the Australian Associated Press that people should be able to avoid starting the new year in a significant amount of credit card debt.
"Many shoppers use credit cards to make their Christmas purchases - thinking they can pay the balance off in the new year," Mr Whitehead points out.
However, he claims that although people may be looking to make use of the interest free period deals attached to cards, when such offers end those who have not taken action to make repayments may find themselves "suddenly financially overcommitted".
"The key is to ensure you are able to pay the balance in full each month, avoiding surmountable debt issues," he adds.
And despite recent research indicating overall growth in outstanding card balance has slowed down, "there is no room for complacency and consumers should continue to pay off any existing credit card debt and spend smartly over Christmas".
Shopping around for the best offers on goods was among the tips for saving the Credit Union Australia head also recommended.
His comments follow a study carried out by Access Economics revealing that residents in Southern Australia currently have a strong willingness to spend money, with expenditure in the state due to return to the peaks seen in 2007 by the middle of 2011.
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