The Post Christmas Financial Hangover

Introduction

It’s a sad and very real fact that Christmas is not just a time of great joy for people, it can also lead down a road of debt which may take the following 12 months to pay off. As a result, the Christmas financial hangover is very real. Often when reality bites in January, it can be a major problem.

Debt Management

For many households, additional spending is manageable and by the shrewd use of credit card transfers, interest free credit and staggered payments – the debt is under control. It may lead to belt tightening for the first few months of the year, but isn’t a problem. However, this may change is there is illness or redundancy for the bread winners in the family. Without suitable income protection policies, manageable debt can quickly become unmanageable.

Some households over-extend during the Christmas period, leading to completely unmanageable levels of debt which they struggle to repay once the part season ends. It’s vital these people seek support sooner rather than later, engaging with organisations such as National Debtline. The quicker debt advice is sought, the sooner it can be resolved and reduce the impact on credit ratings, additional costs and personal anxiety.

Saascoms Solutions

It’s a fact of life that people will go into debt. For some, they will need help to get back on an even keel. At Saascoms we have developed Resolution, our self-serve debt management portal which empowers customers to manage their debt.

Resolution integrates tools such as income and expenditure calculations, which can then drive repayment decisions and overall debt reduction plans. Customers can make a one off repayment, set up a regular repayment, calculate how long it will take to repay the debt and more.

For clients, Resolution offers instant reporting, a communications platform to customers and a fully branded experience for the client. It can be integrated with Saascoms award-winning platforms Mailmaster and Omnireach, for a full customer service suite.

Conclusion

Debt is a part of everyday life, and Christmas is often a catalyst for additional spending which may lead to unmanageable levels. We all have a role to play in supporting those in debt in terms of managing sustainable repayment plans and education to prevent future episodes. At Saascoms we offer solutions to support both customers and clients