‘Overspend’ warning for credit card users this Christmas

Posted 2007-12-13

British shoppers are being warned that over spending on credit cards can become a headache in the new year.

Research from accountants Armstrong Watson has found that 37 million people in the UK will be breaking the bank over Christmas, with 58 per cent admitting they will max out their credit cards in the process.

And experts are warning that those likely to use their plastic to pay for presents and other trimmings are often unaware of the risks involved.

“While we dont want to dampen the festive spirit and promote ourselves as having Scrooge-like qualities, its worrying how many people dont appear to be sticking to a budget and will greet the New Year with mounting debt,” said David Squire, financial planning director of Armstrong Watson.

“Credit crunch alarm bells dont seem to be ringing too loudly and with added confidence from the drop in interest rates down to 5.5 per cent, people dont appear to be listening to their financial conscience when it comes to filling the Christmas stockings.”

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