Credit Card News Credit Crunch Christmas What Credit Crunch Christmas Money Is No Object For 28 P C This Year 2681
Credit crunch Christmas, what credit crunch Christmas? Money is no object for 28% this year
19 December 2008 / by Rebecca Sargent
As the UK heads for a recession, it seems for some people, Christmas is immune to the cutbacks and restrictions on finances taking place across the country this year.
When quizzed on how they intended to pay for Christmas this year, 28 per cent of Fairinvestment.co.uk users said that money will not be an issue, despite the current economic climate.
A further 14 per cent admitted to being so organised that they have already bought everything in preparation for the festive period.
However, an equal 14 per cent confessed to having no idea how they are going to pay for Christmas, suggesting that the credit crunch has hit some more than others.
Of those questioned, a further 12 per cent will be using their savings to pay for Christmas this year, while 10 per cent will be making cutbacks to pay for the festivities.
However, some will be relying on credit to get by as eight per cent said they would be putting Christmas on a credit card this year and a further two per cent will be taking out a loan.
Commenting on the statistics, spokesperson for Fairinvestement.co.uk, Rachael Stiles said: “It is good to see that the festive period has not been spoilt by the credit crunch for most people. Christmas can be a drain on the finances but it seems that money is not an issue for more than a quarter of people.
“It can help to buy things through the year and spread the cost of Christmas, as it would seem the 14 per cent of people who have already bought everything must have done.
“Putting money into a savings account throughout the year is another sensible option which a number of people seem to have done this year.”
Commenting on those who have been forced to turn to credit cards and loans, Miss Stiles added: “Credit through cards and loans can be handy at Christmas, but it is important to shop around and compare a range of deals because rates and repayment periods vary from one lender to the next.
“And remember that everything you borrow you will have to pay back with interest so don’t go mad or January could be a very bleak month.”
*One day Fairinvestment.co.uk user poll with 50 respondents