Brits drowning in debt to pay for presents

As the Christmas season draws near, new research from VoucherCodes.co.uk has revealed the cost of presents this year. While the holiday is an occasion to push the boat out, the pressure to buy gifts has two fifths of UK adults using credit cards, overdrafts and loans.

Vouchercodes.co.uk found how generous we Brits are, with the average consumer spending £240 on Christmas presents. The North West is the most generous region, spending £265, while East Anglians came out the thriftiest, spending £200.

Picking something out for your partner can be a tricky task but gift-buying is more precarious for men with almost 46 percent getting into debt over it, compared to the 38 per cent of women.

The number of those forced into debt has increased by six per cent from last year’s 35 percent and, 12 months later, 17 percent of UK adults are still struggling to pay off the debts incurred from Christmas 2012.

Londoners and consumers from the West Midlands will suffer the most, with over 56 percent of them spiralling into debt to keep up with holiday purchases.

Interestingly 18 to 24 year-olds were the smartest savers with two thirds putting their money aside for Christmas gifts, compared to the 62 per cent of over 45s.

Anita Naik, Lifestyle Editor of Vouchercodes.co.uk, says the escalating cost of Christmas can unfortunately leave many miserable over the thought of being a Scrooge: “Showing appreciation of loved ones by giving presents can be as important to the provider as the receiver and it does not need to break the bank. Although Christmas can be an expensive time of year there are many money saving ways to keep things affordable without having to compromise on quality.”