Survey shows 3.9% Brits in perpetual Christmas debt

Posted 2007-12-12

A Your Money Matters Show survey states one-tenth of festive shoppers will continue paying off their purchases until next September while 3.9% of holiday spending spree die-hards will not have paid off their debts until December 2008. Further research shows one in five Brits will still be paying off Christmas until next June.

Cesarina Holm-Kander, presenter of Channel 4’s Your Money or Your Wife and speaker at this year’s Your Money Matters Show said, “It never ceases to amaze me how Christmas continues to sneak up on people and how ill-prepared financially they are to deal with it.” 

“To those who are spending without thinking about the bigger picture this Christmas, I would like to offer a little reminder - a credit card binge is not just for Christmas, it’s a legacy that could be with you for most of next year too,” she added. 

Despite high merchandise prices, the research also showed that few people save extra money for the cost of the season and the most frugal spenders in East Anglia will spend around £500 while a fifth of those in London shall shop ‘till they drop at least a £1,000. 

Oddly, it seems those in the north-east are saving the most in anticipation of the season but are also the most likely to get into debt during the holidays. 

MoneyExpert.com states that 4.4 million Brits are still paying off the 2006 holidays this year, which is backed-up by the Your Money Matters Show. 

It’s expected that around £53 billion will be spent by Brits throughout this holiday season and that £11.7 billion of such shall be spent using credit cards – apparently ringing in the greatest Yuletide joy to lenders collecting interest payments.

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