A Third of Irish People Intend Borrowing to Fund Christmas

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A survey has found that one in three Irish consumers plan on borrowing money to fund their Christmas spending this year.

The survey by the Competition and Consumer Protection Commission found that the average Irish person will spend €1,000 this Christmas.

Those aged 35 to 54 were found to be the highest spenders, with 43% expecting to spend over €1,000, while 17% of the age group will spend over €2,000.

The difference in spending between parents and those without children was significant. Parents will spend an average of €1,397 while those without children will spend €787.

65% of respondents said they would fund their Christmas spending with their savings while the remaining third said they would have to rely on borrowing.

Of the latter group, 29% plan to use credit cards, 4% would use store finance options, while 3% would take loans from their bank or credit union.

The CCPC advises consumers to avoid using credit cards where possible and find a cheaper borrowing option.

"Even credit options which may seem like easy solutions, such as credit cards or store finance, can be very expensive if you stretch your repayments out into the New Year," said Grainne Griffin, Director of Communications with the CCPC. "It’s crucial that consumers keep track of their debts and when repayments will fall due. From credit cards, to online loans, to ‘Buy Now, Pay Later’ shopping options, it has never been easier to accumulate multiple debts and run the risk of becoming overwhelmed by repayments once the festive season is over. With many consumers shopping earlier this year, this may mean that credit card bills and other repayments may also fall due earlier, potentially before Christmas."
 

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