60% of us 'worried about Christmas'

Moneysupermarket.com polled consumers asking whether they are worried about the cost of Christmas this year. Results indicate 60% of the 4,000 polled are already worried about how to pay for the festivities.

This is an annual poll, and the results this year indicate 7% more people are worried about the cost of Christmas than this time last year, and 15% more are worried than in 2009.

Many people are feeling the squeeze on their finances - one third of those polled say they will 'have to make severe cutbacks on spending'.

Around half of the people who are worried about funding Christmas say that are 'seriously concerned about how they would get through the holiday season'. Many feel that this year's Christmas will be far tighter than previous years.

A spokesperson for debt management company Gregory Pennington commented: "Christmas is an expensive time of year for most of us, with the extra cost of presents, food and drink and entertainment to consider. Many of us will borrow money to cover the cost - which is fine as long as the borrower is sure they can afford to pay the debt back.

"Those who already have debt should be especially careful, as borrowing too much could leave them with a level of debt that they can no longer sustain."

"We advise anyone considering borrowing to fund Christmas to think carefully about whether they are realistically able to repay what they borrow. Whereas many feel the pressure to spend a lot of money to have the 'ideal' Christmas, a frugal Christmas is possible - and limiting spending may help those who already have debts to avoid debt problems further down the line."