Christmas Debt Warning for Irish Consumers

21 November 2011 - Which Way to Pay

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Christmas Debt Warning for Irish Consumers

A survey conducted by the Irish League of Credit Unions (ILCU) has shown that it can take over 7 months for some people to pay back debts accumulated throughout the Christmas period. The survey also showed that despite difficult economic conditions at the moment, each average adult in Ireland is expected to spend 562 this Christmas.

If people across Ireland do spend this level of money, 38% will be left in debt. The ILCU have today encouraged people to spend within their means and avoid getting into debt in the five weeks to Christmas. The chief executive of ILCU Kieron Brennan warned consumers over high interest rates on credit card debt not cleared on time, and high interest on short term loans.

The survey indicated that 77% of people asked did not feel any more positive about their finances this year than last. 55% of those surveyed claimed that much of their Christmas budget was to come from general savings or cash. 28% will use savings specifically put aside for the holidays.

The survey also indicated that women will take longer to pay back Christmas debts than men. With the majority of people expecting a period of over 3 months to recover from debts, it seems that many people across Ireland are not changing their spending habits and lifestyles as their finances deplete.

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