Brits without cash to use credit cards to fund Christmas

By Sarah Engle, Mon 7 Nov 2011 - Published in Credit Cards

Only a third of Brits have enough disposable income to be able to afford Christmas off their own backs, leaving the need to find funds from elsewhere the only option for many families.

New research from MoneySupermarket.com has discovered that 21 per cent of people will dip into their savings to finance festive spending, while 11 per cent will need to put the cost on credit cards.

Kevin Mountford, head of banking at MoneySupermarket.com, said that many people were dreading funding Christmas, and urged people not to get swept up in the festive mood and end up spending what they do not have.

"The golden rule of festive spending is to know how much you have available and then stick to your budget, or you could be left in the cold paying off Christmas well into the New Year," he added.

While many may dread spending on credit cards at Christmas, for those who can afford it, many credit cards can offer money back incentives to spend.

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