Christmas will cost €562 per adult but some will be paying back for 7 months – survey
IRISH adults expect to spend €562 each this Christmas, despite the economic downturn a Credit Union survey shows.
But it can take some people up to seven months to recover from overspending at Christmas.
The Irish League of Credit Unions (ILCU) survey reveals that the festive season will push 38pc of people into debt.
Warning people not to resort to moneylenders, the ILCU urged people not to go beyond their means and reminded shoppers that credit card debt can attract a high interest rate if the balance is not cleared every month.
“We have seen the impact of some of the toughest financial challenges play out in 2011. Worries over how to finance Christmas are not far from people’s minds,” said Kieron Brennan, chief executive of the ICLU.
The survey found 77pc did not feel any better about their financial situation than they did last Christmas.
A total of 55pc of respondents said they intended to use general savings or cash to pay for Christmas, with 28pc using savings set aside for Christmas.
Credit cards will be used by 9pc with smaller numbers availing of credit union loans and money lenders.
Recovery from over spending at Christmas will take up to three months for 34pc of people while 12pc said it would take four months or more and some said it will take seven months to recover financially from the festive period.
Women would take longer than men to recover from Christmas debt, the survey found.