Revealed: It takes four months for Brits to pay off Christmas debt

Christmas is a favourite holiday in the UK, with Brits spending up to a huge £2,500 over the Christmas period[3]. But how much of this is spent due to pressure, and how do we actually pay for our Christmas?

Debt management company Lowell has taken a deep dive into Brit’s average spending at Christmas, looking at the biggest money pressures, and how Brits are funding their festivities this year compared to 2020.

The research revealed that the average Brit gets into £439 of debt at Christmas, and then needs four months to recover.

Brits’ biggest money pressures at Christmas
From stocking fillers to special gifts, over one in five Brits (22%) were feeling the pressure to spend above their means this Christmas. Those who were shopping for the festive season were spending almost £740 more than a usual month. And as December payday arrived early for many, budgeting is now essential tot due to the long wait for the January payday.

As well as the pressures to overspend, the research also highlighted that people felt pushed to buy large, expensive items (14%), as well as feeling an expectation to keep up with social media’s up-and-coming trends (10%).