November 1, 2007

Consumers set to borrow for Christmas

The pressure is on consumers this coming festive season, as normal there will be a rush to borrow money for the season, or alternatively they maybe planning to use their credit cards to pay for everything and then worry about the cost afterwards.

But with interest on mortgages being high, this will add to the financial strain that follows in the New Year. At the same time figures are beginning to show that the cost of Christmas this year will be more expensive as the prices in the stores have risen too.

The figures speak for themselves, around a third of people plan to borrow and it will take four per cent of those over eleven months to make the final payments and surprisingly it is men who spend more, around £710 while women spend £537!

Source [Savings Friend]