Last minute Christmas shoppers around the UK are likely to accumulate around £2 billion worth of credit card debt this year, according to recent research.
Figures from Sainsbury’s Bank show that more money will be spent during the final week before Christmas this year than was the case in 2006 and much of this expenditure is expected to be financed through debt.
In fact, credit card debt is likely to fund 50 per cent of the last minute shopping of around 8.6 million British borrowers, according to the financial services firm’s latest data.
“There are a number of credit cards to choose from all offering different terms and conditions so it is important to ensure that you have the right one for you,” said Donald MacLeod, head of cards at Sainsbury’s Bank.
An overall total of around £11.7 billion is expected to be spent via credit cards around the country during December, according to the UK’s payment association Apacs.