Britons 'better festive budgeters'
Nov 27, 2006
Although Britons are planning to spend more this Christmas, it seems they are becoming better at budgeting.
New research from credit reference agency Callcredit revealed that the number of people planning to spend more than £1,000 over the festive period has soared to one in ten, from one in 20 just a year ago.
Only four in ten people were planning to spend less than £500, compared to six in ten last year. However, despite a rise in the amount being spent, a smaller number are planning to finance their spending through credit such as a personal loan, overdraft or credit cards.
The majority of Christmas spenders plan to use savings to fund their purchases, while only one in ten people plan to use credit, and of those, four in ten will cover less than 25 per cent of their Christmas costs this way. People are also feeling more confident about paying off their loan, overdraft or credit cards, said a Callcredit director, with 81 per cent expecting to have paid off their festive credit by March, compared to 67 per cent last year.
Worryingly, the number of people who have no idea how they will fund Christmas has doubled from two per cent last year to four per cent this year, she added.
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