Credit crunch doesn’t deter Britain’s spenders
According to a study by CreditExpert.co.uk, the majority of Britons will not cut down on their Christmas spending this year in spite of the recent credit crunch and 5 interest rate hikes and at least one third of Britons have admitted that money is tighter this year
Britons are set to shell out a huge amount this Christmas with over £1.2 billion worth of gifts being for people they hardly know.
Halifax Credit Cards has established that the average Christmas shopper spends £384 on Christmas gifts. However, 35-44 year olds are likely to spend the most with an average present bill of £570. Furthermore, this generation of people are more likely to get into debt from over-spending at Christmas than any other age group.
CreditExpert.co.uk’s study is titled ‘The Credit at Christmas study’ and questioned over 1,700 adults across Great Britain. The study revealed that 40% begrudge spending money on presents for distant relatives and acquaintances. Furthermore, over one third confessed that would like to go away for Christmas and forget the festive period altogether.
Jim Hodgkins, Managing Director at CreditExpert.co.uk, said it’s important at this time of year to keep a close eye on your finances. It’s very easy to overspend when purchasing presents for family and friends and potentially fall into debt. A budget is vital so you don’t end up being unable to make the repayments when January arrives.