Spending still high on credit
NEARLY half of Britons paid for their Christmas on credit this year, research from a consumer group has found.
Which? said 46 per cent of people it surveyed used credit cards, overdrafts, store cards or payday loans to cover Christmas spending this year, while more than a third (36 per cent) dipped into their savings.
Some 54per cent of consumers expect their budgets to be even tighter next year, and four out of 10 said they had significantly cut back on their spending this Christmas.
Almost a quarter of those surveyed said that spending on their credit cards and overdrafts was the only way they could afford to pay for Christmas.
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Those who plundered their savings took out an average of £380 while those who used credit to cover Christmas costs typically borrowed £301.
Some 12 per cent of people used authorised overdrafts, 8 per cent spent on their store cards and five per cent borrowed from friends or family.
Families' budgets are expected to come under further pressure next year from soaring energy bills, following a string of price hike announcements.
Comments
by josdave
Tuesday, January 01 2013, 12:13PM
“I have never yet spent more on Christmas than I could afford and if a few more people were like that the debt problems we hear about in January and February would be greatly reduced. It's quite simple really if you can't afford it don't get it.”