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Gift credit? A debt spiral is threatening: how to deal with “poor” Santa Claus with children?

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Christmas is often a big fincial burden. People want to treat their loved ones, and especially children, to everyone for the holidays, that is, a hearty dinner and dreamy gifts. However, this year the situation may become more difficult for many families, and they are likely to think that they could take out a loan for gifts. However, most experts strongly warn against such a choice. How not to get into debt because of the New Year holidays? And how to explain to children that Santa Claus will be more modest this year?

According to Yaroslava Palendalova, CEO of KRUK, last year’s polls show that almost 93% of Czech households buy Christmas presents with their savings and ordiry income. However, this year the majority of respondents assess their fincial situation as inflation worsened and the significant rise in energy prices affected everyone.

The question is whether people will reach for credits and loans. “Based on the results of our surveys over the past five years, I rather assume that most people would choose a more modest Christmas than go into debt to buy a present”, – says Palendalova.

Playing on human emotions

“Before Christmas, every marketer plays on human emotions. Advertising attacks you from all sides and convinces that there is no Christmas without gifts, and if there are none, borrow, without a lender, immediately”, Yaroslava Palendalova warns and continues: “However, few people realize that you will probably pay back these gift credits throughout the year and if unforeseen events occur, you lose your job or get sick for a long time, your income will decrease significantly, and these consumer loans they can get you into a debt spiral”.

Think about credit!

So the best loan is not a loan. But what if you feel what do you really need to borrow?

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Source: Blesk

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