British consumer who decide to do their Christmas shopping in the week before the big day are prone to overspending, it has been suggested.
Donald MacLeod from Sainsbury’s Bank has made clear that shopping at the last minute often entails an element of disorganisation and as a result can lead to overspending and increased credit card debt.
Part of the problem is that particular gifts could be unavailable and as a result shoppers are more likely to be tempted to go over their budget, which for many people will mean further debt management difficulties in the new year.
“I was surprised at the fact that people were going to spend more this year than last year,” said Mr MacLeod.
“All the press comment at the moment has been about there being a squeeze on [spending], but this doesn’t appear to be the case.”
Recent research by Sainsbury’s Bank found that around 8.6 million Britons intend to fund almost 50 per cent of their last minute shopping via credit card debt.