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Credit cards an option but consumers cutting back

Credit cards an option but consumers cutting back

Category: Credit cards

Updated: 03/12/2008
First Published: 02/12/2008

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 It is now over 6 months old so the content may be out of date.

Nearly a third of consumers are planning to fund Christmas spending through loans and credit cards, a study has found.

But research by Norwich Union revealed that many are planning to cut back, with 80 per cent intending to spend less money.

Instead, people plan to spend more time with family, as well as budget carefully, with changes including making mince pies rather than buying them from supermarkets.

Head of protection marketing at Norwich Union Louise Colley remarked: "It's good to see that we're refusing to let the credit crunch entirely steal our Christmases and planning more traditional, less expensive celebrations this year."

Those who do plan to spend on credit may benefit from carrying out a credit card comparison.

Last week Abbey suggested that its reward credit card could be a good option for Christmas shopping, as it offers three per cent cashback for purchases made in supermarkets.

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