When it comes to doing the Christmas shopping, leaving it late can prove costly, according to recent research by the Egg online banking firm.
Many people around the UK are adding to their debt management burden in order to enjoy their Christmas, but those who leave their shopping until the final week tend to go considerably over budget, Egg reports.
In fact, Britons who carry out their Christmas shopping in the final week before the big day spend almost 40 per cent more than those who complete the task earlier in the year.
Alison Wright, chief marketing officer at Egg, said: “Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying.
“Consumers need to try to find ways to drive down the overall cost of Christmas – one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife.”
Around £11.7 billion in credit card debt is likely to be taken on by British shoppers over the course of this month, according to the UK’s payment association Apacs.