Many consumers to rely on credit for Christmas, study finds

Although a significant number of consumers in the UK are planning to cut back on their festive spending this year, more than one in five still plan to use plastic to fund their celebrations, running the risk of excessive credit card debt.

This is according to Abbey Credit Cards, whose research found that 21 per cent of people questioned plan to fund Christmas entirely on their credit card.

It was also found that, in the light of current economic difficulties, 52 per cent of Britons intend to spend less on presents, while 34 per cent reported that they will not be buying any gifts at all for family and friends.

Callum Gibson of Abbey Credit Cards advised: "With recession looming this Christmas, it`s no surprise that many people are tightening their purse strings. However, sometimes it`s not about cutting back, but just making sure you shop savvy."