Last year, the average consumer spent just over £1,100 on Christmas, according to a YouGov survey and with inflation driving up the cost of, pretty much everything in the UK, this year people are expected to spend more even if they aim to spend less. The festive period has always been a time of year when people rely on more than their regular monthly income.
If shoppers are planning on using credit as a means of covering the costs this year, Salman Haqqi, personal finance expert at money.co.uk urges them to take the time to understand the different types of credit there is so they can choose the best option for them.
He told Express.co.uk: “December is an expensive month and with the costs of Christmas presents, decorations, food, drinks and parties looming, we’re likely to spend a bit more than normal over the festive period.
“Even if you are comfortable with the cost of Christmas, if you’re going to be spending a lot on credit it’s worth considering a card that rewards your spending.”
Mr Haqqi’s first recommendation people may want to consider is to use a zero percent purchase credit card.
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He said: “If you are worried about the amount you will be spending over Christmas you might want to consider a zero percent purchase credit card.
“This will give you a fixed period, up to two years or more in some cases, to repay the money you borrow interest-free.”
The main advantage of this type…
