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Introducing: The 12 debts of Christmas

Creditfix > Blog > Coronavirus > Coronavirus and your finances > Introducing: The 12 debts of Christmas


This Christmas will be a little different for a lot of us. It may not be possible for us to see all of our family and friends, we may have smaller get-togethers than we usually would, and some of our Christmas traditions might have to go virtual this time around.

Just like the rest of this year, we’ll have to adapt to changing circumstances and try to make the best of things. But in a year of cancelled plans and disappointments, Christmas is reaching new levels of hype.

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Waving goodbye to 2020

Let’s be honest, 2020 hasn’t been great for anyone. Amid the coronavirus, lockdown, and ever-changing local restrictions, we haven’t had too much to look forward to. And the fact that we’ve been holed up for so long is now having an impact on our festive planning.

With all the talk of a vaccine, Christmas just around the corner, and an easing of restrictions either side of Christmas Day, the pressure on families to make Christmas 2020 the best ever has just shot up.

Rising financial expectations

Christmas always comes with pressure – to get together with our family and friends, have a good time, and show our loved ones that we care. Unfortunately, the festive pressure we feel can have unintended consequences. These are often financial.

We spend too much on presents, we spend too much on food, we spend too much on Christmas nights out. For many of us, we spend too much just getting home on time – the holiday period is notoriously expensive for travel by plane, train, and road, and prices have risen even higher this year as people look to take advantage of the COVID-19 travel window.

The perfect storm

The pressure to live up to Christmas expectations leaves us stretching ourselves financially even under normal circumstances, with research from 2019 showing that 30% of people get into debt every year just to fund Christmas.

But with the coronavirus pandemic simultaneously hurting our pockets and leaving many of us looking to Christmas to salvage what has been an otherwise pretty difficult year, it’s created a perfect storm that makes the risks of overspending this Christmas even greater.

The 12 debts of Christmas

The pursuit of the perfect Christmas is so pervasive across society that often many of us don’t realise we’re spending in ways that might cause us financial trouble further down the road. That’s why Creditfix has launched The 12 debts of Christmas.

The 12 debts of Christmas are examples of the kinds of things it’s easy to overspend on over the holidays – from obvious expenses like gifts and socialising, to ones that can sneak up on you, such as being a victim of scam sales.

What to look out for

Over the 12 days leading up to Christmas day, Creditfix will be highlighting a different debt every day. These are Christmas expenses to look out for, that can seem like a great idea in December, but lead to real financial trouble by January.

We hope that by raising awareness of these debts, people will be mindful of overspending this Christmas, and can have a wonderful time with family and friends without spreading themselves too thin.

You can catch The 12 debts of Christmas on our Facebook page, as well as our Facebook page Twitter feed. We hope you have a wonderful Christmas.

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