Festive borrowers face three months of debt
The research found it will take Brits an average of three months and six days to pay-off their festive spending.
But just over a quarter of borrowers (26%) said that they expected to repay their Christmas debt by the end of January, whilst 14% thought it would take them over six months, with 6% fearing that it would take them over a year.
When asked to describe their finances in the run up to Christmas only 35% of respondents thought they were in good shape, 11% said that they couldn’t really afford Christmas this year and 9% were worried about how they would pay for the festivities.
Matt Sanders, of Gocompare.com, said: “It’s clear from our research that many people are feeling financially squeezed this Christmas and are worried about the cost of this year’s celebrations.
“Used sensibly, credit cards can be an effective way to manage your money and spread the cost of Christmas. But, with the pressure to deliver the perfect Christmas – it is all too easy to lose track of your spending and for things to get out of control.
“Any money you spend using your plastic has to be repaid with interest, so setting and keeping to a budget for your Christmas spending – based on the amount you can afford to repay in the shortest time possible – will help reduce a post-Christmas financial hangover.”