British shoppers are gearing up to blow the bank this Christmas, as 43% said they estimate they will spend more than their monthly pay cheque during the festive season.
A survey of 1,000 UK adults conducted by leading personal insolvency practice, Creditfix.co.uk has revealed that 68% of Brits admit they intend to put some of the additional cost of Christmas on credit cards, to be paid off into the new year.
A further 24% reveal they have more than one credit card to cover the cost of Christmas. 62% of Brits claim the biggest cost over the festive season comes from buying gifts for loved ones.
Respondents also claim additional festive debt-inducing costs include hosting Christmas dinner, attending social events such as Christmas markets and buying decorations.
16% of Brits admit that they are still paying off debt left over from Christmas 2018.
Taylor Flynn, head of marketing at Creditfix, comments: “It is difficult to anticipate the true cost of Christmas, especially when we all want to treat our loved ones to something special. This is even more the case considering the cost of gifts and festive experiences, such as Christmas markets, which seem to get more expensive every year.
“There are resources available to Brits that can help with budgeting over the festive season and handling credit card bills in the new year, easing financial strain. So, Brits can spend less time worrying about money and more time enjoying the holidays.”
With over 70 years’ experience between their insolvency practitioners in the financial industry, Creditfix has successfully helped over 141,000 people with their debt over the years which has led to them becoming one of the most experienced in the market. Creditfix Limited is one of the largest personal insolvency practices in the UK, servicing Scotland, England, Wales and Norther Ireland.