For many people, a lavishly spent Christmas is sure-shot sign of the New Year being tumultuous; at least until the debts have been fully repaid. A study undertaken after the Christmas of 2004 showed that one out of every five people would continue to be in debt, i.e. not be able to clear debt loan in the same month.
Rather than carry the debt burden over to the next year, it will be much easier to carry it through Christmas loans. It is misleading if you thought that Christmas loans simply replace the debt burden incurred during this period. There are a number of advantages that result of the use of Christmas loans. Some of them have been explained below:
A Christmas loan that is drawn for making the expenses as and when they come will force the borrower to spend within limits. Borrower has the necessary cash and he himself decides how much to spend on what item. Just as he would do with his personal resources, the borrower would assign priorities to the different expenses to be made through Christmas loans.
When the borrower has the necessary cash to expend, he is in a better position to bargain. Thus, Christmas loans also help in reducing the cost of...
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