A recent study by ConsumerIntelligence.com shows that over half of British consumers are planning to use credit cards to meet the costs that Christmas throws at them.
A massive 55% of people have said that they plan to use their credit card to fund the Christmas period, whilst, more worryingly, a further 3% are planning to take out loans.
In contrast, only 24% of respondents are expecting to use savings to cover Christmas costs to ensure they stay in credit.
The number of people relying on credit cards or personal loans to pay for Christmas is disturbingly up on the 14% of consumers who borrowed money last year, 34% of which are still attempting to clear 2009 Christmas debt.
The Managing Director of ConsumerIntelligence.com, Ian Hughes, commented:
“Christmas is only one day in the year but the financial effects appear to last all year for a substantial number of adults.”
Mr Hughes added:
“Around 14% of adults got into debt as a result of Christmas spending last year and many are still paying for that.”