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Save yourself from financial heartbreak

It seems like it wasn’t just love in the air this Valentine’s Day, but it was money too!

According to data collected by Globaldata, the British spent over £1bn on Valentine’s Day alone – a new record!

Over the years, Valentine’s spending has increased by 0.5% since last year and shows no sign of slowing down. FairMoney also found that this spending may end up on credit as the UK struggle to pay their bills.

Data also highlighted that around one-fifth of the population need an extra £100 a month just to keep up with their bills and repayments, and a struggling 6% need more than £500 to make ends meet. In total, it found that the UK population would need a whopping £3.8bn to cover their normal monthly expenditures.

Dr Roger Gewolb, executive chairman and founder of FairMoney, said: “Brits are in a whirlwind of debt and this is only exacerbated further by retailers luring in consumers with Valentine’s Day deals. With such pressure from retailers, it’s not surprising that consumers turn to payday lenders and credit cards to battle the financial burden. Short term finance is bleeding us dry and millions of people are being pushed to extortion at the hands of high-interest credit options – one of the biggest atrocities to affect UK society.”

To make sure you save yourself from financial heartbreak next Valentine’s (or any other romantic occasions!) here are our suggestions:

·       Organise a group trip or dinner

·       Swap an expensive dinner for a reasonably priced brunch (just as romantic these days!)

·       Plan ahead and set monthly budgets

·       Arrange to do something on the 15th of February instead

·       Spend time with each other instead of buying gifts

If you found yourself strapped for cash or see yourself plunging into debt following Valentine’s Day, talk to Sensible Debt Advice today. You are not alone. We can offer support and advice on how to handle your finances for any occasion. Call us on 01656 66142 or click here.

 

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