One in three will go into debt to pay for Christmas presents

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One in three Britons will take on debt to pay for Christmas gifts, a survey has found. Most of those going into the red will spend more than average on their credit card, or use their overdraft to absorb extra spending. Others will borrow from friends or family, or take out a personal loan. About 44 per cent of the nation is already living with non-mortgage debt, such as outstanding credit card balances.

Debts: A survey has found that 31 per cent of us are prepared to spend more than be can afford on Christmas presents

Now research by YouGov, for payment technology firm Intelligent Environments, has found that 31 per cent of us – including those already in arrears – are prepared to spend more than we can truly afford over the holidays. The news comes after an adviser to David Cameron urged cash-strapped parents to resist plunging into debt to satisfy children who pester them for expensive presents.


Reg Bailey implored people to fight back against the commercialisation of Christmas as it puts extra stress and anxiety on parents Reg Bailey, chief executive of Christian charity the Mothers’ Union, said:
‘We don’t want everyone getting into debt.’ He criticised a TV advert for Littlewoods for giving the impression that ‘you are not a good parent if you don’t buy your children all these very expensive items’, adding: ‘It’s bringing out absolutely the worst aspects of Christmas.’
The advert has already been blasted by parents because it suggests mothers – not Father Christmas – bring children gifts.