DadTalk

Christmas Debt

4.7m adults are still paying off debts from last Christmas

• Brits will use £3.45bn of their savings this year to help cover their Christmas spending.
• 39% of us are currently saving nothing and one fifth (20%) of people claim to have no savings whatsoever to fall back on this Christmas.
• The majority of people (59%) are planning to cut back this Christmas.
• Whilst 31% of adults are worried about paying for Christmas, just 15% have made an effort to spread the cost over the course of the year. The rest will fund their share of the nation's £11bn Christmas splurge using a combination of credit cards (14%), savings (10%) and ‘money available at the time' (71%).
• Meanwhile 4.7m adults (10%) admit that they are still paying off debts from last Christmas.
• 9.29m people (22%) don’t know how long it will take them to pay off their Christmas debts.
• Instead of making the traditional New Year’s resolutions of losing weight or drinking less, many Britons intended to get their money matters in order in 2009, it has been suggested - of those making resolutions, 57 per cent wanted to review their finances.
• In 2008 it was estimated that consumers spent on average £655 (food and drink £170; Gifts £359; Socialising £126) per person compared with £706 in 2007. This increases to £856 per person if you include cards and postage £53, Christmas tree and decorations £64 and travel £84.

To download the December Debt statistics pdf go to Credit Action