Brits to spend at Christmas

Brits are not planning to tighten their belts this Christmas, despite interest rate rises and the credit crunch affecting other household budgeting throughout 2007.

A survey of 1,700 adults found that 76 per cent say that they will spend the same amount or more on their festivities.

Over a third wanted to just go away and forget about Christmas, however. Two of every five resented buying presents for distant relations and almost half said that they feel under pressure to buy costly gifts.

Almost half reported buying presents for those who did not return the favour.

Jim Hodgkins, managing director at CreditExpert.co.uk, warns: "Whilst giving gifts is a big part of the season, it's easy to overspend when buying presents for family and friends and potentially fall into debt.

"It's vital we budget and take a step back to ensure all our outgoings are necessary so we don't end up being unable to make the repayments come January."

Thrifty householders don't throw all caution to the wind, however. A quarter of people admitted to recycling their unwanted gifts.

02/11/2007 10:13:28