Crafty consumers cut Christmas costs

Over half of UK adults would consider making Christmas presents themselves, thus saving money.

A survey by Principality Building Society found that 54 per cent would offer gifts such as crafts, art and clothes they had made in their own time, while 50 per cent would bake edible items like cakes and chocolates.

In addition to this, 20 per cent admitted considering offering a second-hand present, with 29 per cent saying they would do this if the recipient would not notice they weren’t getting something new.

Those keen to deal with their debt management problems may find such money-saving methods help keep the cost of the festive season down.

However, people looking to reduce the amount they owe may find that switching credit cards or taking out a cheaper personal loan could also help.

Parents are the most likely to worsen their debts at Christmas, with three quarters of those polled by online bank Egg admitting they will spend more than they can afford to on keeping their children happy.

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