Only one out of ten people across the UK will pay for the cost of their Christmas spending this year through additional borrowing, according to a new report.
Research from credit report provider MyCallcredit found that nine out of ten people prefer to pay through savings or monthly income, and that more than half of the population intends to spend less than £500 on Christmas this year.
Meanwhile, as few as one in 20 estimate that their Christmas spending will pass the £1,000 mark.
Consumer affairs director Mel Mitchley commented: “There’s a lot of emphasis on lenders to lend responsibly but there is also an onus on the individual to borrow responsibly.
“Our survey shows that message is getting through and it’s going to be individuals who are piling on the pounds this Christmas not their debts.”
The over-65s are to be the most prudent age group this Christmas, with more than two in five planning to spend less than £250.
Meanwhile, the 25 to 44 age group are to be the biggest spenders, with one in ten planning to spend £1,000 or more over the festive period ñ around twice the national average and exacerbating the need to find the best rate for a loan.
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