As 2018 fast approaches, new data from MoneySuperMarket reveals that the average Brit will see in the New Year with over two thousand pounds (£2,172) of debt hanging over their heads. Despite 55 percent of Brits feeling confident that they will stay within budget this Christmas, the leading price comparison website reveals that eight in 10 would expect presents for family and friends to be the cost that tips them over budget, followed by spending too much on food (36 percent).
MoneySuperMarket’s findings also show that a quarter of Brits are expecting to pay an average of £151 more overall this Christmas, compared to last year. In fact, the festive season is set to drive Brits to put nearly £300 on their credit cards, equivalent to a third of their total Christmas spending.
Seaneen James, money expert at MoneySuperMarket, said “There’s no doubt that Christmas is an expensive time of year but there are easy ways to keep costs down to avoid putting yourself in unnecessary debt. With the average amount of credit card debt standing at over two thousand pounds, it’s likely that many won’t have paid it off by this time next year. Shopping around for the right credit cards deals can help make substantial savings, meaning you could end next year a little more comfortably.”