IOU a Christmas Gift

Published on 1 January 1970 by Raffick Marday

In a bid to save money this Christmas many unlucky Brits will find an IOU under the tree as their loved ones intend on waiting until the January sales to buy gifts.

A significant 32 percent have received an IOU for Christmas in the past with eight percent considering it for the future, uSwitch research revealed.

Families admit this means of cutting Christmas costs enables 14 percent to get a cheaper present in the sale, for 19 percent to get a better gift in the sale, while 19 percent are fed up with paying full price for something which is reduced a few days after the big day.

If Christmas is tight this year try using a prepaid credit card as a means of controlling your budget instead of giving loved ones empty gifts.

“Christmas Day and the extortionate costs it can bring, are a big challenge and many are realising that it may be better to wait for a few days after Christmas before splashing the cash,” said Ann Robinson, uSwitch’s consumer policy director.

Prepaid Credit Cards

If you are keen to keep Christmas at an affordable price a good way to prevent overspending on a pre-agreed budget is to use a prepaid debit card.

A card can be purchased from the high street for a small price, or suppliers often enable consumers to apply online, so funds can be loaded onto the card immediately.

As there is no overdraft facility and the funds are ones you load onto it, there is no need to show your credit history to access one.

The survey showed that Women are more likely to receive an IOU than men and a third admitted they would be upset if this was the case, and for five percent it would ruin Christmas for them.

To prevent disappointment make sure you are organised with your spending so you have enough left of your budget to buy gifts for everyone expecting one.

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