Taking out a secured loan which covers all of your outstanding debts and allows you to make one monthly payment rather than multiple payments to creditors might help with the post Christmas financial struggle. Christmas is traditionally a time when people are more likely to take on too much debt and January is always the best time to take stock a ready yourself for a complete overhaul of your financial situation.
In the run up to Christmas people put increased pressure on their finances; buying presents, food and travelling the length of the UK to visit relatives. These Christmas temptations often end up with people putting more debt on credit cards or running into their overdrafts to keep up with the festivities.
Credit card companies also advertise to the pre-Christmas shoppers, offering tempting 0 per cent, essentially interest free shopping in December. However when the 0 per cent deal ends 3 or 6 months later, you will probably find the interest rate increases to around 16 per cent. You should try to repay your credit card balance or your overdraft as soon as possible in order to keep any charges as low as possible.
The credit card companies know that Christmas puts a lot of pressure on people to keep up with the spending. The 0 per cent deals are good if you can be strict and make sure that come January the balance or at least some of the balance is cleared. Certainly try not to let the balance over run into a period where you're going to be charged interest or fees.
Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance.