Two-thirds of those aged between 16 and 24-years-old who use credit, including credit cards, believe they will be able to pay back their Christmas debts within a month of the festive celebrations, new research reveals.
Additionally, men are ten per cent more confident than women of repaying their festive borrowing, according to credit reference agency Callcredit.
The research also shows that 45 to 54-year-olds use credit, such as credit cards and store cards, more than any other age group at Christmas time, with 16 per cent planning to fund their festive spending with plastic.
"Generally the picture is looking pretty positive - people are spending more but budgeting better," said Mel Mitchley, Callcredit director.
"Instead of using credit to get them through the festive season they're using the hard-earned cash they have in their pocket."
However, she added that there is a concern about the amount of individuals who have not planned how they will fund Christmas, indicating that the figure of those who are financially unsure "has doubled from two to four per cent".
Recent research from accountancy firm Deloitte indicates that Christmas spending is set to surpass £16 billion this year, much of which will be borrowed via credit cards.
News Side
Youngsters confident of paying festive credit card debts, says agency
Thu, 23 Nov 2006
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