A NEW SURVEY by the Irish League of Credit Unions has found that one in three people will put themselves into debt as a result of their Christmas spending.

The survey showed that 38 per cent of people would be borrowing in order to pay for food, presents and other Christmas expenses – with Santa set to spend an average of €164 on presents for each of the good girls and boys of Ireland.

The survey also found that some homes would not be able to pay off the last of their Christmas loans until July – meaning some shoppers have barely finished taking care of one Christmas before they have to start spending on another.

Today we’re asking whether you’ll have to go into debt in order to spend for Christmas – and, if so, how long you might take to repay the loans.

Will you be borrowing to pay for Christmas?

Poll Results:

No - I'll cut back on spending (843)

No - I have enough savings (554)

Yes - I'll pay it off in 2-3 months (110)

Yes - I'll pay it off in a month (84)

Yes - I'll pay it off in 9+ months (78)

Yes - I'll pay it off in 4-6 months (47)

Yes - I'll pay it off in 7-9months (14)

No - I have enough savings
No - I'll cut back on spending
Yes - I'll pay it off in a month
Yes - I'll pay it off in 2-3 months
Yes - I'll pay it off in 4-6 months
Yes - I'll pay it off in 7-9months
Yes - I'll pay it off in 9+ months

One in three will go into debt with Christmas spending – survey >

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Poll: Will you borrow to pay your Christmas bills?

Poll Results:

One in three will go into debt with Christmas spending – survey >

Making a difference

A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.