In the run-up to Christmas, there are special offers, discounts, and last-minute purchases everywhere—a combination that can quickly lead to financial strain. In an interview with Heute.at, Christian Giehler, Managing Director AT & CH, talked about why December is a financial burden for many people and how to avoid typical debt traps. Emotional purchasing decisions and a lack of planning often lead to budgets being exceeded without notice.
Why many people fall into the debt trap right now
- The risk is particularly high among young adults between the ages of 20 and 24: according to Heute.at, almost half of this age group has outstanding online debts.
- Spontaneous gifts, Black Friday, or Christmas offers often tempt people into impulse purchases, often without considering their actual budget.
Five important tips from Christian Giehler for financial stability despite the stress of Christmas
1. Stay calm and critically review claims
Before you respond to invoices or reminders, carefully check the invoice, the contractual basis, and any payments already made—as well as the sender. This is the only way to identify incorrect or unjustified claims.
2. When in doubt, seek dialogue instead of ignoring the problem
Not responding is the biggest mistake, warns Giehler. Instead, open dialogue with the collection agency can help: Misunderstandings can often be cleared up or alternative solutions—such as installment payments or deferrals—can be found.
3. Keep a household budget book and build up reserves.
A clear overview of income and expenses helps to avoid ill-considered purchases. Digital household accounts or banking apps are useful tools for identifying unnecessary expenses and building up reserves in a targeted manner.
4. Use loans and installment purchases wisely.
Installment purchases and loans are often tempting, but if you take on too many at once, they can quickly become a real debt trap. Only take them on if your income can reliably cover the burden.
5. Seek professional help early on.
Reputable debt counseling agencies or trustworthy collection agencies such as coeo offer support with household budgeting, payment arrangements, and, if necessary, debt settlement. The sooner you seek help, the sooner you can stop the spiral of debt.
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About the coeo Group
The coeo Group is the leading technology-based debt collection company in Europe. With a clear focus on combining pioneering AI and first-class customer service, coeo is setting new standards in the industry and continuously driving the optimization and further development of receivables management and all other business processes.
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presse@coeo-inkasso.de