The state of holiday spending

Written by PayPlan on 15 December 2015

The festive season is here. It’s time to enjoy quality time with friends and family, wrap up the year at work, party, and of course spend spend spend. For many of us, Christmas is the time of year where our usual frugal ways can go out the window.

The pressure is on. Too many people feel the need to overspend to put on a special day for their family. This can lead to Christmas on credit, with overdrafts, credit cards and even pay day loans being used to cover the difference.

And how much are we actually spending? And where are we shopping this year? Are we splurging online or are many of us shopping the traditional way on the high street? In our infographic, we investigate the current state of Christmas spending and the impact it has on all of us.

state of holiday spending infographic

It’s clear to see, that while Christmas is the season of goodwill and fun amongst friends and family, the pressure to create a perfect day can lead to financial problems. It’s important to understand your financial position before the festive season, and curb your spending where necessary. For those who struggle with problem debt come 2016, there are different debt management solutions to suit all individual circumstances. These include Individual Voluntary Arrangements (IVA) and Debt Management Plans (DMP).

Remember, enjoy Christmas – it should be about spending time with your loved ones, not spending money.

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This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

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