You are here: Home - Credit Cards & Loans -

4m turkeys to be bought on credit

Written by:
Christmas dinner is expected to be put on the plastic this winter, as Brits splash out to avoid embarrassment.

According to price comparison site, three out of five Brits are buying their presents with credit cards this year; with an average spend of £448.

Some 10% are expected to spend as much a £1,000.

Michael Ossei, personal finance expert at, said: “The last thing people want to do is scrimp at Christmas, but it’s easy to get carried away and spend more than you mean to at this time of year.

“And the high number of consumers willing to put themselves deeper in debt just to stave off the embarrassment of not giving presents sends alarm bells ringing.”

uSwitch says that consumers have faced another hard year, with pay rises failing to keep up with hikes in living costs.

Ossei continued: “If you know you can clear your balance straight away, using a credit card can be a very practical way to shop, and can even earn you money if you use a cashback card.

“But for those struggling to make ends meet, relying on credit to pay for Christmas can be both risky and costly – and will mean starting the New Year in even more debt.

Brits are advised to shop around to find the right card to suit their spending needs and to watch out for high interest rates.

Ossei advised: “Also consider cards which offer 0% on purchases as these can give you some breathing space and help you avoid a New Year financial hangover by giving you the time to save the cash to clear the balance while avoiding interest charges.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Savers suffer blow of high inflation

The Bank of England's announcement that the consumer price index has remained high at 2.7% will be a ‘cold blow'...