Consumers Use Credit Cards More at Christmas
Last year, consumers spent 11% more on their credit cards during December than all of the other 11 months of the year and a 25% increase in the use of store credit cards was also noticed, according to the Finance % Leasing Association (FLA). They are now warning people to keep on top of their spending during this busy holiday season.
“Christmas can be a tough time,” stated Fiona Hoyle of the FLA, “so make sure money isn’t one of your worries. Take stock after Christmas – if you’re not going to be able to repay your debts, talk to your lender as soon as possible. They can’t help if they don’t know there’s a problem.”
The Bank of England reported last week that consumers were making efforts to reduce their debts in the time before Christmas. They also announced that credit card, loan and overdraft debt fell by 579 million during October 2009.