Wednesday, December 19, 2018

One in five Brits still paying back last year‘s Christmas debt


With retailers planning ahead for Christmas 2015, new research from GetPaidTo‘s Christmas Saver Club finds one in five Brits still struggling to pay off last year‘s Christmas debt.

The rewards website GetPaidTo surveyed 2,000 people in the UK and found that over a third go into debt every Christmas, 82% of whom admit to struggling to pay it back, while 20% are still paying for last Christmas.

Young professionals appeared to be the group struggling the most, possibly due to increased expectations to purchase better gifts for friends and family once in full time work. 39% of 25-34 year olds go into debt over the Christmas period, more than any other age group.

To help Brits save for this Christmas and avoid their financial Christmas blues, cashback and rewards website GetPaidTo is launching its Christmas Saver Club – the only saver scheme that involves no monthly deposits, no tie-ins, no penalties or any other restrictions. The club allows users to complete online tasks and get paid in GetPaidTo Points where they can accumulate their savings without using any of their own money. In addition, cashback is offered on online purchases for certain brands and savings are automatically released on 31st October, although users can withdraw their savings whenever they need to.

GetPaidTo websites are becoming increasingly popular in recent times with earnings paid directly into PayPal or other online payment providers.

Karim Wilkins, CEO at GetPaidTo commented “Christmas can easily become an expensive headache instead of the fun, family holiday it should be, so it‘s upsetting to see so many people around the UK getting into debt”.

“Now that we are approaching the end of the summer, many families will be looking to Christmas as their next big expense. With a third (32%) of people planning to start saving before September, it‘s important to make sure we actually do it. No one should be funding Christmas months after the festivities end and the GetPaidTo Christmas Saver Club is here to help you get prepared this year.”

The survey also found that surprisingly one in four (26%) start their Christmas shopping before the summer is out. However the majority leave it till much later with a third starting in November and one in five in December. 

Talya Misiri