Credit cards Updated:
Consumers have been advised to shop around and avoid panic buying using credit cards as Christmas approaches.
According to Callcredit, 55 per cent of adults in the UK are planning to cut back this year, with this figure rising to 60 per cent for those between the ages of 25 and 34.
Last week chancellor Alistair Darling announced a 2.5 per cent cut in value added tax in order to encourage spending and provide relief.
And head of the credit reference agency's credit file checking service Owen Roberts noted that shoppers should be aware of their financial situation in order to avoid getting into debt.
"Despite the recession and recent financial turmoil, Christmas 2008 should still be as fun and enjoyable as possible. Spending less does not necessarily mean a bleak Christmas," he added.
Callcredit recently backed a decision by the credit card industry to share more information in order to identify consumers that could be struggling with debt.
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