More than a third of adults are putting Christmas on credit, according to a charity.
Some 37 per cent are putting Christmas costs on ‘tick’, a rise on the 33 per cent who did so last year.
The new research from National Debtline, run by charity the Money Advice Trust (MAT), suggests a growing number of people are turning to credit this year to fund Christmas.
The MAT’s report found that while 37 per cent of people are putting Christmas presents on credit, 24 per cent are putting Christmas food on credit.
This is an increase from 22 per cent who were putting Christmas food on credit last year.
Some 37 per cent of Brits ar putting Christmas costs on ‘tick’, a rise on the 33 per cent who did so last year
Around one in seven people say they worry about money every day in the run-up to Christmas, the latest survey of more than 2,000 people found.
Its research found that 3 per cent of people say they lose sleep in the run-up to Christmas because of money worries – and nearly one in 10 (9 per cent) of those surveyed say their concerns about finances have a negative impact on their enjoyment of Christmas.
Joanna Elson, chief executive of the MAT, said: ‘Money worries can affect people at any time of the year, but with the pressure to spend even greater at Christmas, this can cause even more stress.’
Martin Lewis, founder of MoneySavingExpert.com said: ‘Too many people feel pressured into making a lust list of what makes the perfect Christmas.
‘Instead start by working out how much you’ve got to spend and cut your cloth accordingly.’
A separate report from StepChange Debt Charity said that over two million people in the UK are stuck in a cycle of persistent overdraft debt.
The report, based on a survey of StepChange’s clients and analysis of Financial Conduct Authority data, found that 2.1 million people in the UK used their overdraft every month in 2016.
StepChange said that while overdrafts are meant to be short-term, they can trap people in expensive and long-term cycles of persistent debt.
A study by the Money Advice Trust showed around one in seven people say they worry about money every day in the run-up to Christmas