Over a quarter of people will give IOUs this Christmas

All I want for Christmas is an I.O.U! It might not have the same ring to it as Mariah Carey’s classic Christmas hit, but it’s more of a Christmas reality this year as a quarter of people in the UK are expecting to receive an IOU!

The gift, which screams ‘I’ve spent all my cash’, will be hand delivered to 26% of households this year as skint Santas will resort to IOUs in order to save money.

The latest research from a price comparison website found that 39% of those handing out an IOU are doing so because they can’t afford Christmas presents.

One in ten people are giving IOUs because they can’t afford any gifts unless they’re in the sale. Cheeky bargain hunters are giving out IOUs because they think they will be able to afford bigger and better gifts in the sale, saving an average of £40.

Ann Robinson, Director of Consumer Policy at uSwitch.com, says; "Many of us will be feeling the pinch this Christmas. But on top of the financial burden, we're fed-up of seeing the gifts that we have struggled to afford going into the bargain bucket just a few days after Christmas when the sales begin.”

It’s not just the debt burdened cash-strapped who feel the need to hand out IOUs. Angry shoppers annoyed to see their purchases instantly reduced in the sales have also considered giving an IOU. It’s no surprise that 72% of people get peeved when this happens to them.

However, one in three would take it further by handing out IOUs because they are so fed-up with it.

Almost a fifth say they don’t want to bother buying gifts at full price again when they see their purchases reduced.

"In the eternal quest for a bargain, savvy consumers are choosing to put the gift buying on hold until they can take advantage of the sales. While this may keep our bank managers happy, some of us may be concerned that our loved ones could be less than impressed, “continued Ann Robinson.

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2011-12-13 14:52:16 © Moneyextra.com