Christmas Overspenders Need to Exercise Discipline

Gail Vaz-Oxlade says people who spent too much money during the Christmas holidays are going to have to buckle down and stop spending.

Overspending at Christmas time is something many of us do. An article in the Toronto Star quoted Dan Demers, an assistant vice-president at TD Canada Trust, who says on average, Canadians spend $587 on food, gifts and entertainment. An RBC survey, which included travel, puts that number higher, at $1,137.According to the TD survey, the big problem is that one-third of Canadians buy gifts they know they can't afford, while 23 per cent of those surveyed said they finance their purchases using credit cards. A MasterCard report revealed that 48 per cent of Canadians have already blown through their holiday budget.

"There's no way around it, Christmas overspenders are going to have to set a time table for getting it paid off, preferrably within the next six months so that you have time to save for next year," say Vaz-Oxlade, who added that people who are unable to get their debts under control may have to consider not giving presents next year. To watch the video, click below: