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Will you still be paying for Christmas 2011 in 2013?

By Daniel Culpan

2 April2021

Christmas Debt One in five people (20%) in the 18-44 age group are still paying for last Christmas - and 9% will still be paying off their festive bill in 2013, according to the latest research from Halifax.

Although Easter is fast approaching, the findings reveal that 14% of the more than 2,000 people questioned are still covering the cost of last Christmas on a credit card, overdraft or loan. However, it seems that fewer of the older generation are still in debt due to the seasonal spend - with less than one in ten (9%) aged over 45 still paying for Christmas.

But just when do people expect to be free of their Christmas debts? 18% of people surveyed expect to have repaid everything they owe by June 2021, and 8% say they will have cleared their outstanding balance by next month.

It appears that credit cards are the most popular way for people to borrow money to fund their Christmas expenses, with 9% still repaying their credit card balance, followed by 4% who are still overdrawn and a further 3% still repaying a loan they took out to cover their Christmas costs.

Anthony Warrington, head of current accounts at Halifax, commented: "We all face unforeseen costs from time to time, but Christmas shouldn't be one of them. If it's December before you think about how to pay for it, it's too late. Christmas is an expensive time of year as it is, but not budgeting for it well in advance can cost you more in the long run."


. Five ways to beat Christmas debt

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Tags: Christmas, debt, Christmas debts, Christmas debt, Halifax, 2013, 2021, 2011, overdraft, credit card debt, budget, December, loan, loans, credit cards, credit card debt, overdraft, overdraft debt

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