Gifts bad for financial ’elf

TWO-THIRDS of us cannot afford to pay for our Christmas presents – but will buy them anyway, a debt charity has discovered.

Even the millions who are already deeply in the red will stick purchases on credit cards.

A survey carried out by the Stepchange Debt Charity found 31 per cent of Britons will borrow to pay festive bills.

It typically takes until mid-august to clear them.

More than half of those who borrow for Christmas do so to put presents under the tree. A third need a loan just for a turkey and pudding.

Stepchange surveyed

1,500 people on their seasonal splurge. The charity’s Richard Lane said: “It’s worth pausing for a moment to think about whether your friends and family would want you to suffer financially as a result of your generosity.”

Experts at Akrivis Wealth, a

North East-based financial advice firm, have also dreamed up tips to help people over Christmas.

Founder Alister Gaines said: “I don’t want to sound like the Grinch but more than one in five UK adults has less than £100 in savings. As a nation we already owe £87billion on credit cards, hire purchase agreements, overdrafts and arrears. Someone is declared bankrupt every four minutes and 14 seconds – but at Christmas we all head out and start spending.” Akrivis advises shopping with cash because plastic reduces the “pain” of stumping up. They say do not make purchases while tired when you are likely to make costly mistakes.

And thirdly, clear out cookies on your computer – otherwise you will be bombarded with adverts for items you have looked at in the past.