Recent findings highlight the extent to which families are turning to credit this Christmas. Many expect to devote over half their monthly salaries to festive expenses. Younger households appear more inclined towards credit-based solutions than older generations.
Category
🗞
NewsTranscript
00:00Data indicates that nearly three quarters of families plan to finance Christmas through
00:05credit options like buy now, pay later and cards.
00:09Average repayments may last almost four months and some families predict even longer.
00:15Such patterns suggest short-term festive celebrations may carry long-term financial consequences.
00:22Oh look, I always try and live within my means and I think that it's good to try and do that.
00:28I think it's easy to get carried away at Christmas because there's a lot of pressure to say we
00:31have to buy all these presents and things but I think at the end of the day our family
00:34and friends want us to be happy and healthy and not getting into debt for presents for them.
00:39No, we spend what we can.
00:40Spend what we can, yeah.
00:43Sometimes more than we can.
00:46But we don't ever do credit.
00:47If you don't mind me asking, do you ever find yourself putting it onto credit or do you
00:51always just use what you know that is in your account?
00:55What's in the account?
00:56In the account.
00:57Yeah, I don't go on credit much.
01:00It's just the term that we should be constantly questioning ourselves.
01:04Number one, is it the good thing to do?
01:05And it is the good thing to do, to be giving to other people.
01:08It is the good thing to be doing, to be wanting to be caring about other people.
01:13Then we have to go ask ourselves another question, is it the rational thing to do?
01:17Because that is a very, very important question we should be constantly asking ourselves.
01:23Is it the rational thing to do?
01:24At times we can fall into moments of very irrationality and we completely forget that
01:31question, which is fine.
01:32But that is a question that we should be asking ourselves.
01:35Is it rational?
01:36Certainly not.
01:36I wouldn't go into debt for Christmas.
01:39But saying that, I'm past working age.
01:42I've got savings.
01:44I've got pension.
01:45I'm comfortable.
01:46So yeah, I wouldn't go into debt, no.
01:49No need.
01:50Would you go into debt?
01:51No.
01:52No.
01:53Why not?
01:54I just wouldn't.
01:55No, no.
01:56You can't spend what you haven't got.
01:57Can't spend what you haven't got.