Christmas debt worries for consumers

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Christmas debt worries for consumers

Mon 30th Nov 2009

Shoppers are planning to cover the cost of Christmas now instead of spreading their payments over the rest of the year, according to money.co.uk.

The financial advice website found that 71 per cent of the people it surveyed planned to pay for Christmas now, with just 15 per cent spreading the cost over the year.

Additionally, the research revealed that 14 per cent of people are planning to fund the festive period with their credit cards and ten per cent of respondents said they will use their savings.

With the average national festive spend estimated to stand at £11 billion, there could be a collective debt of up to £8 billion into the start of 2010.

Chris Morling, managing director of the website, said: "Lots of people are likely to be very short of cash going into the new year, which would not make for a great start to 2010."

It was found by the site earlier in the year that consumers are more concerned about bank and credit card fraud than any other crime.

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