Online Christmas debt ‘£180m in one day’

The Interactive Media in Retail Group (IMRG) claims that online shopping meant that there are even more opportunities for poor debt management, with Christmas 2006 internet spending already beating last year’s one-day record of £131 million.

“Shoppers spent £5 billion online over Christmas last year and we expect sales to reach £7 billion this year,” said James Roper, the chief executive of IMRG, in the Daily Telegraph.

He warned that with so much choice available on the internet, many are tempted to part with their cash and ignore their debt management plan.

“The choice online is quite staggering, there is no competition with small local shops. The fact is you can shop four times more quickly online than in the high street and there is a saving on price,” added Mr Roper.

Debt experts have been warning consumers to start their Christmas debt management plan early, particularly as a recent survey found that an eighth of card holders still have credit card debt left over from last year.