Long Lines at the Store Equal Large Bills at Home

Posted 2007-12-21

Some say Christmas is a time for overindulgence in all aspects of life: food, drink, money, and fun. Now, however, the money aspect of that list is confirmed. Your Money Matters Show has released astounding figures pointing towards the expense and debt incurred through the holiday season.

These findings include:
•    25% of Londoners will spend over £1,000
•    The average shopper in East Anglia will spend only £500
•    10% of people will still be paying off Christmas debt in September
•    3.9% will still paying off Christmas debt a year later
•    4.4 million Brits are still paying for last Christmas
•    50% save for these large Christmas expenses
•    The north-east region has the highest amount of savers
•    The north-east also has the highest amount of debt incurred
•    Total expenditures for Brits’ Christmas are estimated at £53 billion
•    £11.7 billion of this total will be spent on credit cards

Tempering the Christmas itch to spend, spend, spend, 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.”

For next year, Brits are encouraged to save ahead of time to avoid incurring debt from Christmas purchases. In addition, tracking your purchases will assist you in knowing how much you do spend.

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