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Christmas consumers expect debt to hang around

January 16, 2008 by admin  
Filed under News, News-Credit-Cards

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Only 61 per cent of spenders expect to clear their Christmas debt by end of January, according to new research.

Research from Sainsbury’s Bank revealed that 483,000 consumers believe paying off their debts will take over a year and 71 per cent of this figure are female.

Donald MacLeod, head of cards, Sainsbury’s said: “We estimate that around 18 per cent of Christmas spending was placed on credit cards.”

“Our research indicates that around 8.6 million people intended to put half or more of their festive spending on cards,” he continued.

He advised that those Christmas consumers who anticipate having difficulty in paying off their debts should look at spreading the cost of their festive debts.

Sainsburys announced news of better-than-expected turnover with sales over the third quarter were up by 3.7 per cent, excluding petrol. This compares with 3.1 per cent in the second quarter and is Sainsbury’s 12th consecutive quarter of growth

The bank predicted nearly £1. per minute would be spent in the Christmas Eve rush.

Tags: christmas, Marketing, spending, spenders, cost, 5 million, 6 million

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