Women worry about funding Christmas after over-spending in 2012

New research revealed by Noddle, the free for life credit reporting service (part of Callcredit Information Group) has confirmed that after over-spending in 2012, a third of women will cut back on their spending this Christmas.

Twice as many women (6.1%) than men (2.9%) were still paying for Christmas 2012 well into 2013 – when asked how they met the shortfall 26% said they cut back on food, 16% cut back on heating, while more worryingly 20% say they didn’t make any cut backs at all.

Key Findings:                                                     

  • 31% admit they’ve had to cut back on Christmas this year compared to other years, compared to 21% of men
  • Over a third of women say they will use credit cards, overdrafts, bank loans or payday loans to pay for the majority of their Christmas spend
  • One in ten women feel under pressure to give their families the best Christmas and will overspend to ensure they do
  • 66% say that when planning for Christmas 2013 they wouldn’t check their credit report before applying for credit

The survey found that almost twice as many women (13.1%) compared to men (7.1%), confessed that they were stressed about how they will afford to pay for Christmas 2013 with 16% confirming that they’ve had to work additional hours and a further 15% admit they have had to sell possessions to raise some extra cash.

Tom Ilube, Founder of Noddle, commented “At Christmas it’s easy to get swept up in the excitement and overspend on gifts for our loved ones, however it’s important that people don’t lose sight of how much they are spending. With the cost of living on the rise, it’s vital that people take control of their finances and can afford to repay any credit.

Checking your credit report on a regular basis shows all of your credit commitments and is often a reality check for most. It is worrying to see that so many people are either making no cut backs at all or depriving themselves of essentials such as food and heating just to make ends meet”