Most people say they will use savings to pay for Christmas, but one in five will go into debt
This year’s likely Christmas spend has been put at €1,177 compared with €1,030 in 2023 and €1,186 a year earlyhave rebounded sharply when compared with last year, although the total is still marginally less than it was in 2022, according to figures published this morning.
Although most people say they will use savings to pay for Christmas one in five consumers will go into debt as a result, with the borrowing averaged at €631.Leo Varadkar says many in politics do not understand numbers or percentagesJust under half of those who will borrow this year say they will have cleared their Christmas debts by the end of January, while almost a third said it would take until after St Patrick’s Day.
“We can see that many consumers are facing into a very expensive Christmas, with one in five consumers planning to borrow on credit cards or other forms of credit to cover their costs,” said the CCPC’s director of communications Grainne Griffin. “Don’t ruin January by spending what you don’t have this Christmas – know the full cost of credit before you buy, and only borrow what you’ll be able to repay.”
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