1 in 5 Brits are getting Christmas on Credit

With Christmas a matter of months away now, the UK’s leading discount and voucher code website, http://www.MyVoucherCodes.co.uk asked 1,317 people across the UK how they intend on financing the expense of Christmas.

According to the poll by http://www.MyVoucherCodes.co.uk, almost 1 in 5, 19%, of those asked are intending on paying for the expense of Christmas by borrowing money, 42% of which are seeking a bank loan.

26% of the respondents planning on using credit for Christmas admitted that they will be purchasing all of their Christmas gifts with store cards and a further 37% will be using credit cards to buy Christmas presents for their family friends and family.

Of those willing to get into debt for Christmas, almost two thirds of those asked, 64%, said that they will be using an agreed overdraft to purchase Christmas gifts, while a further 16% will be entirely funding Christmas with their bank overdraft and then replenishing the money throughout the year.

When asked by http://www.MyVoucherCodes.co.uk the multiple choice question, ‘why are you planning on using credit to fund Christmas?’ more than 1 in 3, 34%, admitted it was because they ‘can’t afford to save’ throughout the year. A further 14% would rather pay interest on credit than save throughout the year.

The poll found that, of the sample of Brits asked, the majority, 54%, purchased at least one festive item last year with a credit or store card.

According to the results by http://www.MyVoucherCodes.co.uk, 7% of the respondents are still currently paying off debt that they accumulated last Christmas and a further 9% finished paying the debt from last Christmas between June and July 2010.

Mark Pearson, chairman of http://www.MyVoucherCodes.co.uk, commented on the findings;

“I can completely understand that Christmas is a great expense and can involve spending hundreds of pounds. However, I also can’t help but think that as it is the same time of year, every year, people have the time and resources to save for the festive season.”

He continued,

“If people are struggling to fund the expense of Christmas, sites such as MyVoucherCodes.co.uk are a great way to save money. The site frequently has updated and exclusive discounts that offer savings on food, presents and decorations.”

Source: creditman.biz