Families in the UK are likely to be spending less this Christmas in a bid to fight the effects of the credit crunch, a new survey has revealed.
Research by Birmingham Midshires shows that 78 per cent of people claim they will be making an effort to cut costs and ensure their festive celebrations are more affordable.
Furthermore, only 11 per cent say they will be using their credit card to pay for Christmas this year, a 74 per cent drop from figures in 2006.
Tim Hague, director of savings and investments at Birmingham Midshires, said: "Planning for the future and saving early for Christmas means that people will be less likely to suffer a financial hangover come January and could leave many a lot better prepared for 2009."
The Daily Mirror this week reported that four our of ten Britons are currently making cuts that are costing more than they are saving, according to research.
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