One in five Brits will pay 2007 Christmas Expenses in June 2008

Posted 2007-12-12

In a recent survey done by Your Money Matters Show, about a fifth of Brits will be paying off their Christmas shopping expenses in coming June 2008! At Yuletide estimated expenditure by Brits is £53 billion and 11.7 billion spent on credit cards. 

Further research by the show reveals that about a tenth of people will take till coming September 2008 to complete paying off their credit card debts, and 3.9 per cent pay off their current year’s Christmas debt close to next year’s Christmas time or December 2008. Your Money Matters Show’s research backs up the story done by MoneyExpert.com which brought out that 4.4 million Brits are still paying off credit card bills from previous year’s Christmas expenditures. 

Why is this phenomenon happening? According to Cesarina Holm-Kander, a speaker at the Your Money Matters Show, very few people sae money for Christmas expense and they are already loaded with credit card debt when the festive season begins.

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