Covering the cost of Christmas
More than a third (35 per cent) of consumers plan to use a credit card to pay for Christmas this year, according to a new study by Halifax.
More than a third (35 per cent) of consumers plan to use a credit card to pay for Christmas this year, according to a new study by Halifax.
The research by the financial services provider also suggests 71 per cent of people will use their own cash to cover the cost of the festivities.
A total of 14 per cent will use a store card and five per cent will take out a loan to pay for their Christmas expenses.
The average amount of debt that people expect to have for all their yuletide spending is £449, the study indicates.
Mike Reginer, head of banking at the organisation, comments: "It's encouraging to see that more consumers are becoming prudent with their finances this year by choosing to use their savings, monthly income and cash to pay for their Christmas purchases, rather than opting for costly store cards."
A recent study by Abbey suggested 21 per cent of Britons will put the cost of all their Christmas shopping on the credit card.
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