Consumers Christmas Cost Concerns Uncovered

As the Christmas season approaches, a significant number of Britons are worried about how they will manage their money.

Such is the assertion of CreditExpert, which reveals that 45 per cent of those questioned hold concerns about how the extra expense involved in the build-up to the festive period will impact upon their spending. The credit file company points out that in an attempt to get to grips with money management for the Christmas and new year period, four in ten Brits are set to spend less money on presents than they did in 2007. Now, consumers are looking to splash out an average of 301 pounds, a figure that is 22 per cent below the 384 pounds spent in 2007.

It may be possible that such concerns about getting a grip on spending are made even more dramatic due to the current financial climate, as some 53 per cent of people report that the credit crisis is causing them to struggle more when it comes to managing their money

To help meet the various expenses involved in the run-up to Christmas, 23 per cent of Britons are set to raid their savings, while 12 per cent will be looking towards either doing overtime or attempting to secure a pay rise. For those looking for an effective way to borrow money in order to meet the cost of Christmas, a cheap loan may prove to be of assistance.

Meanwhile, just over a quarter of those surveyed state that they are going to celebrate this Christmas in the manner that they have always done and will only think about the financial consequences of doing so in the new year. However, it could possible that on January 1st they wake up to a financial hangover which leaves them developing problems in managing repayments on personal loans, credit cards and household bills.

The study also showed that some 39 per cent of people are set to recycle old presents, by giving old or unwanted gifts they received in previous years to friends or family members.

Jim Hodgkins, managing director of CreditExpert, said: “How much we spend this year on Christmas is a concern for many of us and recycling presents might seem like an attractive option. Just be careful you keep a close track of your gifts so you dont end up in the sticky situation of the present landing back in the hands of the person originally giving it – or anyone they know! Whatever you do spend this Christmas, you can improve your finances by remembering the crucial thing is to borrow responsibly. To give yourself the best chance of getting a good deal with a lender, its important to check your credit report to make sure you have a good credit status.”

Whether it is paying for presents or festive food, those looking to borrow money to meet the cost of this Christmas might want to consider getting a low-cost loan. By selecting this kind of loan, consumers may be able to meet various expenses quickly, leaving them with an affordable monthly repayment to make each month. Meanwhile, a recent study by Savebuckets revealed that just under a quarter of Britons are still repaying the debt they ran up during last years festive season.

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