But when it comes to your method of payment, don't make a rod for your own back! Here are the top five worst ways you can pay for this year's shopping - as well as some better alternatives.
1. Payday loans
Top of the blacklist when it comes to how to pay for Christmas, is a payday loan.
With annual percentage rates (APRs) as high as 1,509%, these deals are the most expensive way to borrow money you can find. This means they should only be used as a last resort in the event of an emergency - NEVER for your Christmas shopping!
2. Store cards
Next is the dreaded store card - and, beware as right now is the time of year that retailers really start to push these deals. When you go to pay for an item, you'll no doubt be told you could save 10% on your purchase today and enjoy other benefits - just by opening a store card.
Store card holders at Topshop for example, will get a £5 off voucher for spending £50 or more, a 15% off voucher in the first statement to use on £80 worth of spend, an extra 10% off in-store during the first week of the Christmas and summer sales - and even a birthday treat.
All very tempting - but not only can store cards encourage you to spend more than you otherwise would, if you don't manage them properly you'll be whacked with incredibly high interest rates.
Topshop for example, charges a representative rate of 19.9% APR (variable), while the Burton store card charges a representative rate of 29.9% APR (representative) and New Look’s store card charges a representative rate of 28.9% APR (variable).
If you fail to clear your balance each month the interest you pay will far outweigh any savings you've made. So if there's even the smallest risk of this happening, avoid store cards like the plague.
3. The wrong credit card
Using a credit card to pay for your Christmas shopping can actually be sensible option - but only if you use the right one.
Using the wrong plastic could see you paying a lot more for your shopping than what it says on the price tag.
If you are unable to clear your balance each month, for example, you should always use a credit card with a 0% purchase window, otherwise you'll end up being hit with interest.
The Post Office Matched credit card, for example, offers 0% on purchases for 27 months, so long as you spend on the card within the first three months. If you don’t, you’ll be offered 0% for 16 months.
After the 0% introductory offer is up, you’ll pay a representative rate of 18.9% APR (variable)*, so be sure to clear your balance before then.