Spread the cost of Christmas – but not this way!

It’s that time of year when your finances are stretched to the limit. As I walked around the shops on Saturday there were lots of signs saying, “Spread the cost of Christmas” and an endless stream of cashiers were trying to sign me up to a store card.

I hate this. No, I don’t want your store card. Shove your store card somewhere dark and damp, because the last thing I need at this time of year (or any other time of year for that matter), is a store card charging me 34.9% APR.

Unfortunately though, Christmas is hard. Not everyone can use and abuse their bank overdraft (thanks LloydsTSB, I love you always), so they turn to stores offering weekly payments or quick loans.

This is bad. I hate companies that offer credit and loans to those who can least afford it. Take, for example, BrightHouse. They offer weekly payments on stuff you need most – fridges, washing machines, beds etc. Take, for example, this 42 inch TV. It costs 879, however – after paying 8.12 every week for THREE YEARS at a stonking 29.9% APR you end up handing over nearly 2000 quid!!!!! Yes, 2 grand..

Now, until recently this was probably the worst APR rate I’d seen and, whilst I appreciate that some people will have no choice but to sign up, I’d still rather save up and buy it from my local Currys – especially if it’s going to save me over 1000 !

However, I recently saw this advert …

Check out that APR!!!! Yes, Provident will cut you a loan between 50 and 500 for an amazing 183.2% APR!!!! No, they haven’t made a mistake, it is actually that much. Check out their main website for all the details. Borrow 500 for just over a year and you’ll end up paying 840!