Consumers 'anticipate Christmas debt'
Published On 7 November 2007
People from the UK are concerned that they will get into debt over the Christmas period, a new report has warned.According to Lloyds TSB, 59 per cent of consumers think that they will overspend over the festive weeks.
In total, people in the UK will spend a staggering £4.7 billion during the holiday and consumers typically believe they will end up forking out £174 more than they wanted to.
The most common reason for overspend, cited by 41 per cent of those asked, was not setting a budget.
"Presents, decorations, food, drink, party outfits, Christmas tree - the list of Christmas expenses can be a long one and it's easy to end up spending more than you intended," explained Ian Larkin, managing director of consumer banking at Lloyds TSB.
"If you think your finances are going to be a bit stretched then try and plan ahead. Set a budget, see where you can make savings and speak to your bank if you need a helping hand."
One in ten people said that they would try to ignore their overspending until they receive their bank statements after the holiday and consumers predicted that it would take them around five weeks to get their finances back on track.
