Halifax: Brits not cutting down on Christmas costs

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Halifax: Brits not cutting down on Christmas costs

Mon 15th Dec 2008

Halifax have conducted a new survey which reveals that only one in five people have changed their present-buying habits because of the credit crunch, leaving many needing to borrow to cover their Christmas costs.

Over one-third of those surveyed said they would use a credit card to help them with the cost of Christmas this year, 14 per cent said they would use a store card and 5 per cent said they would take out a personal loan.

Those who said they would be borrowing to cover costs expected to run up an average debt of £449, which would have to be paid off in the New Year.

Scottish people are the least likely to alter their Christmas spending habits but two-thirds of respondents from Wales said they would be buying fewer presents this year.

Last week, a survey by Halifax Credit Cards revealed that the real cost of many popular Christmas presents, including clothes and CDs, had fallen recently.

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