It may be the season to be jolly, but it's also the season to incur massive debts if a new survey is to be believed.
This year one in ten Brits started planning Christmas in September to spread out the cost of food, presents, decorations and parties.
It's also been revealed that the average family will be paying off their extravagant festivities until April 2013.
So, if you're worried about paying for that new bike and that must-have children's toy you're probably not alone. In fact, 17% of people will be forced to borrow money to put tinsel on the tree and food on the table.
The research by Morrisons found that over half of Brits are more concerned about the financial implications of Christmas this year than last year. 32% admitted they hadn't saved enough money throughout the year to cope with the stress and strain.
13% of those surveyed said they would be having an eBay purge to raise some extra cash, while 11% said they would be taking on extra shifts at work.
Despite the doom and gloom most of the people surveyed said they would rather sacrifice decorations and parties than presents for the family or a Christmas turkey with all the trimmings.
Sarah Willingham, founder of Letssavesomemoney.com said, "Christmas is an expensive time of year but it's important to plan ahead and prepare to avoid getting into debt. There are still two pay packets left before Christmas, so make sure you cover the cost of Christmas across both. Keeping a record of your spending may sound dull and complicated but it's a really great way to get control, and keep control, of your finances."
How are you saving money this Christmas?
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