New research has shown that a quarter of Americans will find themselves facing debt this year thanks to Christmas.
The survey, conducted by CouponCabin.com, asked 2,000 American citizens how much they’re planning to spend on Christmas and how they expect to pay for the holiday.
The research found that the average amount spent on presents last year was $830 per person – with 7% making gaming consoles their most expensive purchases.
When asked how they felt about the cost of the holidays, a third of respondents stated they are worried about their spending this Christmas, with a quarter of respondents agreeing that they always rely on a credit card to cover festive costs.
One in six of those surveyed admitted they would consider a loan.
But despite the high number of people using finance options to fund their Christmas, it seems Americans are wising up to big money savings as almost three quarters (71%) of those surveyed say they will spend less money this year than last.
When asked how they plan to cut costs, over half of respondents stated that they will shop during holiday sales events, like Black Friday and Cyber Monday, and one in ten opted to delay a large purchase until the New Year or cut back on entertainment costs.
One in eight respondents have been stocking up on bargains they have seen throughout the year.
The survey also asked what month of the year respondents start putting money away for Christmas.
The most popular month to start saving was revealed to be January, whilst October is the next favored month to start stocking up on some stocking fillers.
Scott Kluth, founder and CEO of CouponCabin.com, said, “Christmas can be a worrying time for lots of families who want to have happy holidays but are worried about their cash flow.”
“My advice to them is don’t be ashamed to grab bargains where you can. Start saving as early as possible and utilize money saving tactics such as store sales or coupon schemes to help your budget go further.”
