Saying that for many this is season is “Stressmas”, Dr John Sentamu quoted figures from Credit Action which indicate that UK spending will reach £51.6 billion over Christmas, with debit and credit card debt as much as £31.8 billion.
“Little wonder that, according to the credit reference agency Experian, three in four Britons admit to worrying about financial pressures during the festive season,” the archbishop wrote in the Daily Telegraph.
“The festive season is turning into “Stressmas”, because 20 per cent of people are still paying off their Christmas spend up to six months later.”
Dr Sentamu adds that the average adult will spend £863 on Christmas, including £378 on presents, £163 on food and drink, £53 on wrapping paper, cards and postage, £64 on decorations, £121 socialising and £84 on travel.
He urged Britons to curb their spending and become less materialistic, which should help stop people getting into debt.
However, for those struggling already, advice on becoming debt free can offer help.