Those struggling in the credit crunch are considering reusing previous presents as gifts this Christmas, new research has found.
As many as 18 million (39 per cent) of UK adults are considering giving unwanted CDs and toiletries this festive season, figures from CreditExpert.co.uk have revealed.
And 45 per cent are concerned about their financial situation in the run up to Christmas, with one in five risking credit card debt by making purchases on plastic and eight per cent going overdrawn in order to fund their spending.
Managing director of CreditExpert.co.uk Jim Hodgkins urged people to borrow responsibly over the next few weeks.
“It’s important to check your credit report to make sure you have a good credit status,” he advised.
The findings follow previous research from Axa, which suggested credit card use is likely to increase in the coming weeks as people purchase more gifts and food in preparation for Christmas.
By Tom Musk