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Christmas is always an expensive period and this year households are feeling the pinch, with one in four going into debt to fund festivities.
Millions to go into debt to fund Christmas
Almost a quarter of Australian consumers are prepared to slide into debt to cover the festive season as cost of living pressures weigh on household budgets.
Thirteen per cent of Australians will reach for a credit card to pay for gifts and other holiday spending, Finder data shows, with another nine per cent planning to leverage buy now, pay later credit.
“It’s been a hard year for many, so coming up short for cash is nothing to be embarrassed about,” Finder money expert Rebecca Pike said.
“While it might seem like a good idea at the time, using credit as a means of funding the holiday season if you don’t have the cash readily available will only come back to bite you.”
