Sensible Xmas Shoppers to Cut Down this season

Eighty per cent of Britain will spend less on Christmas than they did last year, as debt and mortgage problems swamp the nation.

According to the Institute of Customer Services, women will be guarding their purse strings more tightly than men, but all age groups, regions, incomes and professions in the survey have shown their concern over the economic downturn.

However 20% said they would spend more during the festive season than a year ago, in the new Christmas spending poll of almost 12,000 people.

Although it’s good to see people are putting their debt priorities first, many of the 20% who have decided not to curb spending in the run up to the holidays may risk extending their debts with frivolous buying.

David Parsons, ICS chief executive, says: “Christmas is the busiest time of the year for many, so this trend will make for worrying reading.”

If you are considering unsecured debt as a means to fund shopping for Christmas, think again. Although there is a lot of pressure to spend at Christmas, especially for those with children, unsecured debt is bad news and must always be avoided.

Credit cards, store cards and personal loans may help in the run up to December 25, but once 2009 comes round you might find yourself unable to manage mortgage repayments, debt repayments and rising interest.

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