59% of Brits to fund Christmas using credit cards

Some 59 per cent of Britons are going to buy Christmas presents using their credit card.

New research from uSwitch.com highlights how nearly two-th…

Some 59 per cent of Britons are going to buy Christmas presents using their credit card.

New research from uSwitch.com highlights how nearly two-thirds of consumers will resort to plastic when it comes to financing their festive spending.

The combination of pay freezes – or below-inflation rises – coupled with an increase in the cost of essentials, means many people in the nation are struggling to get by at present.

However, they still feel the need to provide their families with presents on December 25th, which could lead to a big problem long-term.

If individuals do not clear the balance of their credit card in the new year, then they could end up needing debt help in an effort to bring their financial situation under control.

Michael Ossei, personal finance expert at uSwitch.com, said: "The high number of consumers willing to put themselves deeper in debt just to stave off the embarrassment of not giving presents sends alarm bells ringing."

By Joe White

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