Nationwide: Brits dipped into savings for Xmas

04 January 2006
Brits seem to have their festive spending hangovers under control because many managed to use their savings to pay for Christmas instead of credit cards, says Nationwide.

As survey by the bank revealed that Brits' confidence in their financial prowess is growing and 80 per cent expect their family finances to be better - or at least the same - in 2006.

Nationwide executive director, Stuart Bernau, said: "It is encouraging to see that so many people are able to pay for Christmas from their savings, rather than going into debt.

"For those who have chosen to borrow money to fund Christmas, now is a good time to review how they will pay off that debt, and to check if they could get a better deal by switching their credit card, or by taking out a personal loan."

Over half of adults expect to have finished paying for Christmas by the end of the month while 25 per cent predict it will take them until March to pay off their debts.

Brits spent more online this year than any other year, according to a poll by YouGov. Over a third of people shopped online, making 2005 a bumper year for online spending.

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