Four million turkeys to be bought on plastic this Christmas
Brits are planning to put Christmas on their credit card this year, according to new research from uSwitch.com. Four million turkeys are being bought on the ‘never never' and more than half (59%) of consumers are using their credit cards for their Christmas shopping.
After another difficult year, with pay rises failing to keep up with hikes in essential living costs, Brits are turning to their ‘flexible friend' to keep up the festive cheer this Christmas. According to the research, the average consumer expects to put £448 on their credit card over the season and more than one in ten (13%) would rather go further into debt than tell their nearest and dearest that they couldn't afford presents this year.
Michael Ossei, personal finance expert at uSwitch.com, says: "In true British spirit, Brits are determined not to let money worries cast a shadow over the festive cheer this Christmas. Many are turning to their flexible friends to help see them through to the New Year.
"The last thing people want to do is scrimp at Christmas, but it's easy to get carried away and spend more than you mean to at this time of year. And the high number of consumers willing to put themselves deeper in debt just to stave off the embarrassment of not giving presents sends alarm bells ringing.
"If you know you can clear your balance straight away, using a credit card can be a very practical way to shop, and can even earn you money if you use a cashback card. But for those struggling to make ends meet, relying on credit to pay for Christmas can be both risky and costly - and will mean starting the New Year in even more debt.
"If you do need to use a credit card it's important to choose the right card to suit your spending needs and not get caught out by high interest rates. Also consider cards which offer 0% on purchases as these can give you some breathing space and help you avoid a New Year financial hangover by giving you the time to save the cash to clear the balance while avoiding interest charges."