Millions of Britons are expected to splash out on credit cards and personal loans in order to afford gifts for friends and family this Christmas, it has been claimed.
According to a spokesperson for AWD Chase de Vere, the festive season is "incredibly expensive", with a great focus on people spending money in order to provide gifts for one another.
However, Susan Hannums, the company's savings manager, warned that this is a dangerous trend, particularly when couples with the rising rates of mortgages seen across the UK.
Britons must get out of the habit of relying on credit cards and start up savings vehicles to provide for their futures, she warned.
"But the message really is that you've got to forward plan. We've got to get into the savings habit and get away from using credit cards day to day really," she commented.
Figures released earlier in the year by Credit Action revealed that on average Britons owe about £4,500 on credit cards, personal loans, overdrafts, finance deals and other unsecured debt . Total consumer debt is now one £1.25 trillion.
News Side
Expert predicts credit Christmas
Wed, 24 Oct 2007
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