Many people will be cutting back on expenses this Christmas because of tighter budgets and a lack of readily available credit, it has been claimed.
Fool.co.uk says that Brits will be realising they cannot live beyond their means and are unlikely to be using store credit cards to purchase things as they do not have the finances to pay them off in the new year.
David Kuo, head of personal finance at Fool.co.uk, advised people "when you haven't got the money you'll be constrained and forced into having a less lavish Christmas than you did in previous years".
He also said that overdraft limits could be cut by banks, adding to the lack of credit available for consumers.
Research from Birmingham Midshires revealed that 53 per cent of Brits plan to spend less on presents this year while 46 per cent said they have been making purchases before December in an attempt to spread the cost.
Visit our loan quote form for a no obligation homeowner loan quote! |
0 comments
