Start of the year – Christmas consumption with consequences: Viennese seek help

In the weekends before Christmas, shopping streets had to be closed because it was too busy. However, for some Viennese, purchasing behavior is now starting to take its toll; their savings accounts are empty and their accounts are overdrawn. No new scenario for the debt advice from the FSW. Here too, there was a significant increase in first contacts at the beginning of this year.

“The danger around the holidays is that you spend more money than necessary. The psychological pressure for higher consumption is especially great at the end of the year. When it comes to installment payments and consumer credit, there is always the risk that I will lose the overview. The level of interest on loans is often underestimated. And if the first installments are made at the beginning of the year, that is often the last straw that breaks the camel’s back,” says Bernhard Sell, Head of Debt Advice at FSW.

Another reason for re-registration could be good intentions; many people now decide to pay off their debts. And how does debt advice help customers? “The best tip for the new year is to do an honest financial check. What expenses and income do I have? How often do I order from the delivery service? How often do I go shopping? Do I need the third streaming service?” advises Sell.

All services are free and confidential. One of these is offering budget advice, which looks at income and expenditure. The second point is classic debt advice, where a list of creditors is drawn up and then specific repayment options are discussed. If necessary, a legal debt settlement (personal bankruptcy) is prepared.