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Many Britons Will Rely on Savings to Avoid Debt this Christmas

Research conducted by financial group ING Direct has revealed that the average Briton is planning on spending 10% less this Christmas compared with last year, as a way of avoiding additional debt. Many will also be relying on their savings to cover the substantial expense of Christmas.

According to the ING Direct study, presents and festive celebrations and entertainment will amount to an average of £490, compared with last year’s average cost of £548.

The study indicates that a large number of people are relying on savings to cover the cost of Christmas as a way of avoiding entering into debt, with figures revealing that 32 per cent of people will be using their savings, a significant rise from last year’s 11 per cent.

Richard Doe, chief executive of ING Direct, stated: “It seems that Britons are determined to spend the New Year rebuilding their savings balances, rather than paying off large credit card bills, which can only be a good thing for family finances.”

Christmas is an extremely costly time and can lead many to enter into debt. Indeed, those already in debt, who may be seeking debt consolidation or other forms of debt management, can have their financial struggles worsened.

It is important to spend sensibly. Those with savings should plan carefully and consider what dipping into their savings will mean for the year ahead. Those with already with debts may wish to consider debt consolidation loans or 0% balance transfer credit cards to make their monthly payments lower and easier to manage.