Twenty Percent Will Pay for Christmas Next Summer

Posted 2007-12-12

A survey conducted by Your Money Matters Show reveals that twenty percent of Britons will still be paying for their Christmas purchases next June. Ten percent will continue to pay in September, and nearly four percent will be paying bill for this Christmas next December. 

Cesarina Holm-Kander of Channel 4’s “Your Money or Your Wife” spoke at the Your Money Matters Show, expressing amazement that people are not better prepared financially for the Christmas spending season, apparently letting it sneak up on them. 

Holm-Kander urges Christmas shoppers to consider the bigger picture when making their credit card purchases: that a hefty credit card bill will follow them into the new year.

The Money Matters Show survey indicates that Christmas shoppers in East Anglia will show the most restraint, accumulating debt of about £500, while shoppers in London expect to spend nearly £1000. 

About half of those surveyed reported that they anticipate the high cost of Christmas and save accordingly. 

Although shoppers in the north-east of England are the most likely to save, they are also the most likely to go into debt spending. 

The results of the Your Money Matters Show survey supports findings by MoneyExpert.com which indicates that 4.4 million Brits are still paying off credit card debt they accumulated shopping for last Christmas. 

Brits will probably spend £53 billion during the upcoming Christmas season, adding £11.7 billion their credit card debt.

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