Avoid Debt This Christmas Season

Most people associate the expense of Christmas with buying costly presents, but it isn’t just the amount spent on gifts for loved ones that can leave us short of cash in January. That is why it is a good idea to tighten your purse strings throughout the Christmas season, well into the new year.

According to research from comparethemarket.com, Brits spend an average of £640 over the holidays, even if they cannot afford to do so.

In fact, a fifth make their purchases on credit card, which means collectively we owe £6.4 billion as a country by the time the new year has begun!

While we spoil our children, parents, partners and friends with £265 worth of presents, we spend as much as £375 on other goods, including food, drink, travel, energy bills, decorations and social events.

Head of energy at the price comparison site Peter Earl said: “The cost of Christmas is set to fuel a credit binge across Britain this year.”

He added that gas and electricity bills alone increase significantly during the winter period, stating: “Whether you are turning up the thermostat to keep granny warm or plugging in the latest electronic gadget, energy use can rise quickly.”

Comparethemarket.com revealed that we spend a whopping £108 on food, £57 on booze, £46 on travel, £68 on energy, £30 on decorations and £66 on social engagements over the festive season, although many people probably fork out significantly more than this!

Indeed, recent findings from TSB reported that 44 per cent spend too much at Christmas, which is probably down to the fact that more than half of us do not set a budget!

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