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Spending on children's Xmas could necessitate debt management

Spending on children's Xmas could necessitate debt management

- Monday, 21 December 2009

Debt management may be needed by many families this festive season, due to overspending on children's entertainment.

Research by the internet bank Egg has found that the average UK family will spend nearly £40 a day on keeping their kids occupied during Christmas – creating a total financial burden of almost £540 over the two week break.

More than three in four (77 per cent ) parents admitted they will spend more money than they can afford.

Egg spokesperson Vanessa Wood said people could easily avoid unnecessary Christmas debt.

"Christmas is the most expensive time of the year for a lot of families but being smart about how you spend money can really help spread the cost of Christmas," she said.

The Toy Retailers Association has released a Dream Toys list, which only contains toys priced under £50, something that could help struggling parents to entertain their children without breaking the bank.
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