Credit card debt to fund festive buying

Almost half of the UK consumers hitting the high street in search of bargains before Christmas will add to their credit card debts to fund their spending, new research has revealed.

Figures compiled on behalf of American Express suggest that the amounts being spent in preparation for Christmas are on the increase and for many people this will mean adding to an existing debt management burden.

Research from the financial services firm found that UK consumers look set to spend an average of around £50 more over the Christmas period this year than was the case in 2006.

Furthermore, the recent study concluded that British men are likely to spend close to £60 more on festive gifts and goods than their female counterparts.

“Wise men and women should be looking around for ways to make the most of their Christmas spending,” said Tom Allder, vice president of UK lending for American Express.

A total of £53 billion is expected to be spent by British consumers during the run up to Christmas this year, according to the UK’s payment association Apacs.