Fuelled by best rate credit and homeowner loans, shoppers in the UK are splashing out £300 million more than they intend to every time they go shopping, says a new report.
Just one in ten surveyed manages to stay within their budget. A massive 77 per cent said they were unsure of how much they spend, with the majority underestimating the costs.
Shoppers spend an average of £85.30 on best rate cards and homeowner loans, but when asked estimate that they spend just £78.90.
“Keeping track of our money is hard enough at the best of times but with all the distractions of the high street it seems that it is nearly impossible to do so when out shopping,” said Mark Nancarrow, chief financial officer at Egg.
“Christmas is the most expensive time of year for the majority of people and there is increased pressure to spend all round. It is better to budget now than face a financial hangover in the new year.”
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