The research found that the average Kiwi spent $319 on gifts, up the national spend to $1.17 billion. Approximately $533 million of this was paid for on credit.
Angus Kidman, Finder’s global editor-in-chief, said that the gift-buying frenzy at Christmas would have left many Kiwis with lighter pockets.
“The pressure to overspend has left many nursing a New Year ‘financial hangover’.
“January is when credit card and other bills begin to land, leaving many regretting what they’ve spent on Christmas,” he said.
Around 4% were planning on taking out a loan to tide them over, and a cash-strapped 3% needed to borrow money from friends and family.
Just over half (53%) of the population relied on their savings to fund their Christmas expenses.
Kidman said that the cost of Christmas will roll over well into the new year.
“It’s always advisable to pay off your credit card balance as soon as possible. That way it’s not sitting there building up interest.
“If you have a large balance and you think you’ll need some time to pay it off, consider a 0% balance transfer card. But make sure to pay off all your debt during the interest-free period so you don’t get stung with higher charges down the track,” he said.
Download The Devdiscourse News App for Latest News.