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Over half of Brits not prepared to get into debt problems to fund Christmas

Over half of Brits not prepared to get into debt problems to fund Christmas

- Thursday, 2 December 2010

At least 60 per cent of Britons are not willing to get themselves into debt problems to fund Christmas and 70 per cent are prepared to trim their spending.

That is according to new research by the Co-operative Bank, which found that festive celebrations will suffer the most as 29 per cent plan to cut back on nights out.

Consumers are also planning to spend less on Christmas outfits (25 per cent) and fancy wrapping paper (24 per cent).

Event though Brits are not prepared to get into debt problems this Christmas, the majority will not be cutting back on their food.

More than 90 per cent of consumers are unwilling to trim their spending on festive food, including mince pies (94 per cent) and Christmas puddings (92 per cent).

John Hughes, director of retail products at the bank, said: "There is pressure to spend money over the festive season - sometimes more than people can afford - so it's good to see people are looking at their finances more carefully and taking a more responsible attitude to spending."

One way in which adults can ensure they do not need debt help in the future is by avoiding loading up credit and store cards, suggested David Rodger from the Debt Advice Foundation.
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