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One-third opting for credit cards, study finds

One-third opting for credit cards, study finds

Category: Credit cards

Updated: 04/08/2009
First Published: 16/12/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Halifax has revealed that 35 per cent of Britons are planning to use a credit card to fund Christmas purchases this year.

Despite many deciding to use only cash due to the economic downturn, a survey by the bank has found that unsecured loans will also be used by five per cent.

On average consumers expect to owe £234 on plastic cards by the new year, with those who haven't saved at all predicted to be £449 in debt.

These people may benefit from carrying out a credit card comparison, in order to find the best rate possible.

As many are opting to plan ahead, with 37 per cent making a present list, head of banking at Halifax Mike Regnier noted that spending habits are changing for the better.

"It's encouraging to see that more consumers are becoming prudent with their finances this year by choosing to use their savings, monthly income and cash to pay for their Christmas purchases," he said.

More than half of adults in the UK are planning to reduce spending this Christmas, a study by credit reference agency Callcredit recently revealed.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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