Personal credit 'funds Christmas'

Many people in the UK turn to personal credit to help them pay for a merry Christmas, because they are unable to save enough in the run-up to the festive period.

Many people in the UK turn to personal credit to help them pay for a merry Christmas, because they are unable to save enough in the run-up to the festive period.

Research carried out by Britannia found that even though it is expected to cost on average £620 this year, 47 per cent of Britons do not put money away specifically to pay for Christmas.

Some 37 per cent of people opt for a personal loan or other form of money loan in order to cover all the costs of the celebration.

"This survey shows that the majority of people are not planning for their Christmas expenditure, even though they have a good idea of how much it is likely to cost," said Neville Richardson from Britannia.

According to the study, people with children can expect to pay even more over the holiday - with the cost of stocking fillers and toys pushing the bill up to an average of £840.

Anyone hoping to bypass personal credit at Christmas would need to save around £120 every month from August to cover all the expenses, the report said.

Loan searches are automatic and Free at Loan.co.uk. Get current personal loan deals within moments.

eloans.co.uk - financial services available online - secured homeowner loans