According to a recent survey regarding Christmas spending this year 56% of individuals in the UK have stated that they are going to be buying less presents this year due to a lack of money and the unwillingness to build up debt on credit cards and loans. 45% declared that they intend to buy less drink and food this year while 32% admitted they would have to cut back on Christmas presents for the family. 12% said that they would turn to the more traditional methods of giving homemade Christmas gifts this year.

Normally billions of pounds are spent during the Christmas and New Year period, however this year many stores across the UK have already turned to offering sales before Christmas with the hope of encouraging people to spend.

If you do overspend this Christmas or you already have debt problems, you may wish to look into debt management plans. You may be able to enter into an IVA, in which case you need to seek iva help, with an IVA you may be able to pay off your debt over a fixed time with affordable monthly repayments. Another option, depending on your level of debt is a debt management plan.