New Zealanders face over half a billion dollars in debt after splurging over the Christmas break.
This according to financial comparison site Finder, which recently launched in New Zealand.
The company's survey of 2,117 Kiwis revealed that 44 per cent of respondents planned on using some form of credit to fund their Christmas shopping.
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The research found that the average Kiwi spent $319 on gifts, upping the national spend to $1.17 billion.
A staggering $533 million of this was paid for on credit.
Finder's global editor-in-chief Angus Kidman said the Christmas splurge would leave many Kiwis with a tough January.
"The pressure to overspend has left many nursing a New Year 'financial hangover,'" he said.
"January is when credit card and other bills begin to land, leaving many regretting what they've spent on Christmas," he said.
Half of the population dug into their savings to finance their Chrismas expenses.
Around 32 per cent used a credit card to pay for Christmas, while eight per cent relied on buy now pay later schemes.
Around 4 per cent were planning on taking out a loan to tide them over, and a cash-strapped 3 per cent needed to borrow money from friends and family.
Kidman said that the cost of Christmas will roll over well into the new year.
"It's always advisable to pay off your credit card balance as soon as possible. That way it's not sitting there building up interest.