Millions still paying debts off from last Christmas
According to research, more than 4 million people are still paying off debts from last Christmas with two-fifths surveyed saying that they're already worried about how they'll pay for this Christmas, according to the government-backed Money Advice Service.
Worryingly, more than a million people plan to take out a payday loan to cover the cost of the festive period and a third of those surveyed say they'll be hammering their credit cards.
It seems having a modest Christmas isn't on the radar. Of course, that's made more difficult by huge increases imposes on energy bills, which could sting everyone before a present is even bought.
On average, it is thought that people will spend £487 on average this Christmas, which is down from last year's festivities. However, if they're getting payday loans to have a good Christmas, things could get bleak, even with the risk warnings that will be coming into place from the Financial Conduct Authority (FCA).
This MAS research found that pressure to please other people or trying to give children The Perfect Christmas was the reason that people overspend. Jane Symonds, of MAS, said: "Christmas is an exciting time to catch up with family and friends but can also be a worry financially, and very stressful if money is tight."
There's a money planner from MAS if you want to do some budgeting. Have a look over at the MAS/christmasplanner.