Half shoppers put festive debt on their cards

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OVER half of shoppers used store and credit card debt to fund Christmas, according to new research.

The average consumer using a store and credit card built up an extra £510 of debt to pay for festive purchases, the research showed. For one in 20 using debt this figure was £1,000 or more.

The figure for Yorkshire and the Humber was £384, representing one of the regions with the least store and credit card debt in the country.

The study of 1,000 adults nationwide, by home shopping firm Kleeneze, also found that many did not expect to pay Christmas debt back any time soon.

The average time people expected to take to repay debt brought about by Christmas spending was just over five months. More than one in five anticipated taking 12 months or longer.

Of those surveyed, 68 per cent said that their first course of action if in financial difficulty would be to cut back on spending on non-essential items. Twenty three per cent said they would consider taking on part time work to supplement their income and six per cent said they would speak to a professional financial advisor for guidance.

Four per cent said they would borrow from friends and family.

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