Commenting on the figures from the Money Advice Trust, which runs National Debtline, that five million Brits regularly worry about money in the run up to Christmas, Tashema Jackson, money expert at Uswitch.com, says: “Christmas is an expensive time of year and increasingly consumers are resorting to credit to make sure their loved ones can enjoy the perfect Christmas.
“Our recent research shows festive spending is on the rise – the average consumer is spending £750, an increase of a quarter on 2015 – which is contributing to the highest level of UK credit card debt in a decade. Almost £11 billion will be put on plastic, with nearly one in three Brits funding their Christmas spending on a credit card this year.
“However, concerns over spending have also led to nearly two-thirds of people cutting back on their Christmas spending, including buying cheaper presents, not sending Christmas cards, and, for some, forgoing a Christmas tree.
“For customers looking to avoid the post-Christmas debt hangover, making sure you spend in a savvy way beforehand can make a significant difference. Credit cards which offer 0% interest on purchases or cashback rewards can take the sting out of your new year debt repayments – ensuring that you aren’t still paying for this Christmas next year.”
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FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
Notes to editors
Research carried out online with the Uswitch.com Consumer Opinion Panel between 01.11.16 and 18.11.16 amongst a sample of 1,261 GB adults. Comparison data is from the same survey carried out online with the uSwitch.com Consumer Opinion Panel in November 2015 amongst a sample of 3,898GB adults
When asked ‘How will you pay for your Christmas festivities this year?’ 29% said they would use (at least one) credit card. 29% of 50,371,000 (ONS UK adult population) = 14,607,590 people. When asked approximately how much do you think you’ll spend on Christmas this year? (Take into consideration presents, food, drinks, decorations, socializing etc.) the average amount was £750.39. 14,607,590 x £750.39 = £10,961,389,460.
In the same research, which was conducted in 2015, the average amount was £598.96. £589.96 x 14,607,590 = £8,749,362,106
http://themoneycharity.org.uk/money-statistics/october-2016/
When asked ‘Will you cut back on the cost of Christmas this year by doing any of the following? (tick all that apply)’ 33.7% answered that they did not plan to cut back on cost, meaning that 66.3% of respondents will cut. 37.5% answered ‘I won’t take a Christmas holiday’, 30.7% answered ‘I won’t buy the latest game console / phone / tech gadget’, 13.2% answered ‘I won’t buy a Christmas tree’.
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