The current state of Holiday spend #MostExpensiveChristmas?

With the festive season upon us, many UK consumers see this holiday period as the right time to spend quality time - and money - on family and friends. Although many shoppers budget their spending for Christmas, it can also end up as the time of the year when many people overspend to ensure they have the perfect festive outfit or present.

UK consumers to spend 796 pounds on average per household this Christmas

UK consumers are set to spend nearly 40 percent of their disposable income on Christmas this year, according to Ferratum Group’s annual Christmas Barometer, which found that UK shoppers are far more generous than their European counter-parts with 23 percent. In addition, the Christmas Barometer stressed that UK households are finding it difficult to maintain this level of Christmas spend in 2015, with December set to be one of the most expensive festive periods to date.

This pressure to overspend can lead to many UK consumers putting their Christmas on credit, using overdrafts, credit cards and pay day loans to stretch their budgets to the maximum. In order to work how much an average UK consumer will be spending this Christmas and where they will be spending it, PayPlan, the country's largest provider of free debt solutions created the following infographic:

The infographic encourages UK consumers to rethink their financial position before the festive period and to try and curb their spendings where they can. PayPlan stresses that with a reported 796 pounds spent on average per household, it is important to remember that 1 out of 10 people in the UK were still paying off their 2013 Christmas debts a year later during December 2014.

Infographic credit: PayPlan