The champagne corks have been swept up, the decorations taken down and the wrapping paper cast into the trash. The celebrations of Christmas and the New Year are rapidly becoming a distant memory. You’re back to work, reluctantly, and to make matters a whole lot worse, your latest credit card bill has just been dropped through the letterbox.
No wonder the widely regarded most depressing day of the year has been given its own name – Blue Monday. Coined by British psychologist Dr. Cliff Arnall in 2005, Blue Monday falls on the third Monday of each January and is considered the “most depressing day of the year.”
“Following the initial thrill of New Year’s celebrations and changing over a new leaf, reality starts to sink in,” Dr. Arnall told NBC News. “The realisation coincides with the dark clouds rolling in and the obligation to pay off Christmas credit card bills.”
And 2015 seemed to be a particularly harsh year for Christmas credit card debt. According to figures released by the Bank of England on 4 January 2016, in the run-up to Christmas British households embarked on the biggest “borrowing binge” in a decade.
The Bank of England figures show that families throughout the country borrowed a whopping £1.5 billion on credit cards and loans in the run-up to Christmas. Over the year borrowing in Britain surged to 8.3 per cent, the sharpest increase since February 2006.
Speaking of the Bank of England’s post-Christmas debt statistics, Gillian Guy, head of Citizens Advice said:
“This spike in consumer borrowing should raise concerns. Debts can quickly spiral out of control and seriously impact people’s lives.”
If you are worried about post-Christmas debt and paying off loans and credit card bills, making savings on monthly outgoings will help you pay off debt sooner and get your finances back on track.
One place you can make valuable savings is through energy bills. By switching to a cheaper energy provider and tariff, households can make significant savings each year.
The trick is to find the supplier and tariff that is most suitable for your requirements and is the cheapest rate. Using an energy switching company, such as Energy Switcheroo, will help you find the cheapest energy rates from a range of commercial energy suppliers.
Using Energy Switcheroo for energy price comparison and to find cheaper tariffs couldn’t be simpler. You simply enter your details into our easy-to-use comparison tool, we’ll then search every major supplier to find you savings, you can review the savings and, if you want, sign up to your new energy provider and enjoy your some additional money in your pocket each month.
We might not be able to make the sunshine, help you stick to your New Year weight loss regime and beat the Blue Monday blues, but we can help you make valuable savings on energy bills.