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A lot of surveys have been released over the last few weeks revealing just how much Brits are planning to spend on Christmas this year, with the latest estimate from American Express coming in at an impressive £904. But, that doesn't mean consumers won't be looking for ways to save some cash, with 27% of those surveyed planning to keep their festive spending in check by actually cutting their budget.
Key ways to keep costs under control are said to be putting a spending cap on present buying (a tactic employed by 33% of respondents), making the most of retailer offers and discounts (31%), shopping around for the best deals and even restricting present buying to children and not adults, whilst a further 52% will use credit card rewards or retailer loyalty points to help keep their costs down.
But, that doesn't mean the nation will rein things in too much. In fact, the Payments Council predicts that total consumer spending will reach a whopping £82.7 billion this festive season, an increase of 1.2% on last year (which came in at £81.7bn). It seems that online shopping is on the rise too with 12% of all consumer spending expected to be conducted online – or some £10 billion, up from £8.68 billion in December 2012 – whilst spending on credit cards will amount to £14.1 billion.
That means turning to credit will be a tactic employed by a lot of people over the Christmas period, and if managed carefully it can be a great way to help spread the cost. So, if you're planning on using the plastic to fund this year's festive spend, we've put together a few tips to ensure you stay credit-conscious and can keep on top of your budget (and your credit score).
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