Qlders risk putting Christmas on credit

New research has found one in two Queenslanders felt the festive season was a financial burden, with more than one third set to start the new year on the wrong foot, putting their Christmas expenses on credit.

RACQ Bank spokesperson Lucinda Ross said the findings spelt trouble for the future of Queenslanders’ finances.

“It’s really concerning after such a tough year, so many people are planning to put Christmas on credit and start the new year with a big bill,” Ms Ross said.

“We all know how easy it can be to just tap your credit card, but you could be tapping away at your financial security in the new year by doing so.

“Try and use cash or savings where you can and remember if you can’t afford to pay for it now, how will you pay for it later.”

Ms Ross said while credit could pose a problem for some, the research also revealed 40 percent of Queenslanders planned to spend less this year, with an average of $1,150 to be spent across food, activities and gifts.

"It’s been a tough year for many, so it’s no surprise many are looking to cut back on what they spend over the festive season,” she said.

“The good news is there are plenty of ways you can still have a memorable, joy-filled festive season without the big bill. It’s worth having an honest conversation with your family and friends about your decision to tighten the budget – you could even choose to cut back on expenses by making gifts or setting a limit on presents.

“There are also plenty of sales coming up where you can take advantage of bargains on items you might have on your list."