Consumer spending during December is expected to be worth more than Â£53 billion and much of it will be via plastic cards, according to the latest figures from Apacs, the UK’s payments association.
With millions of people already struggling to become debt free, Apacs has estimated that this year’s December spending will be Â£3 billion above the figures for 2006.
Moreover, the Christmas rush will not be restricted to the high street, as Apacs is convinced that around ten per cent of all seasonal shopping will be carried out online this year.
Sandra Quinn, director of communications at Apacs, said: “Whether buying the turkey or stocking fillers, weâ€™re most likely to be using our debit card to pay for them this Christmas, continuing the ongoing trend of pulling out the debit card in preference to our credit cards, cash or cheques.
“The one exception is online where we are much more likely to use our credit cards – which makes sense because of the extra consumer protection they provide.”
Earlier this year, Apacs launched a guide aimed at encouraging parents in the UK to help their children avoid unmanageable credit card debt.