Christmas shopping 'could leave people in debt'
Published On 5 November 2007
People from the UK are risking debt over the Christmas period, a new report indicates.Halifax discovered that the average Christmas shopper spends £384 and that men typically buy seven fewer gifts than women.
What's more, the study found that people aged between 35 and 44 are most likely to end up with serious debt over the holiday period, as they spend £570 on presents.
However, the study showed that 73 per cent of people who set a spending budget before Christmas shopping managed to stick to it.
"Our research shows shoppers could be paying too much interest on their Christmas purchases," added Ken Stannard, head of Halifax Credit Cards.
Recently, fool.co.uk published research which showed that five per cent of people spend more than £1,000 creating the perfect Yuletide.
"The Christmas season can be a time of financial pressure for many, especially for people with large families," explained David Kuo, head of personal finance at the site.
"What's more, spending two per cent of our annual income on one day's jollies can give our finances a proper stuffing unless we have budgeted for it carefully. So if you know you like a lavish Christmas, you should start saving long before you shop."
