As Christmas in the UK approaches amid the credit crunch, many people are planning to recycle old presents in order to save money, it has been found.
Research by CreditExpert.co.uk found that 18 million Brits are planning to give their friends and relatives unwanted CDs and toiletries that they received as gifts on previous occasions.
Over half of those questioned also admitted that they are struggling financially and 40 per cent said they will be spending less on Christmas presents this year.
Jim Hodgkins, managing director at CreditExpert.co.uk, had some advice to anyone considering taking out a loan to cover costs.
"To give yourself the best chance of getting a good deal with a lender, it's important to check your credit report to make sure you have a good credit status," he said, before reminding people that "the crucial thing is to borrow responsibly".
In related news, Fool.co.uk said that many adults are choosing not to use store cards to pay for items this holiday season.
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