The Competition and Consumer Protection Commission says shoppers will spend close to €1,200 on average
A fifth of people believe they will get into debt to pay for Christmas, with many borrowing over €600.
Some 18% of those will need a year to repay their borrowing. The CCPC revealed that one-in-five consumers plan on borrowing an average of €631 – prompting the Commission to warn against getting into debt.READ MORE:Irish shoppers spent a staggering €5bn on Christmas presents in 2019 The CCPC’s Grainne Griffin warned: “Don’t ruin January by spending what you don’t have this Christmas.”
“We encourage consumers to plan their spending where possible to avoid being left with a financial hangover in the new year. For those consumers who decided to borrow, before reaching for the credit card or clicking pay later, look at all your credit options. If it’s going to take you several months to pay the cost of Christmas back, then a traditional loan can often be a cheaper option than using a credit card or other high cost credit products.
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