Brits predicted to lead in credit card spending

Posted 2007-11-18

Due to the ongoing credit crises, debt consultancy Thomas Charles has claimed that in all probability, this Christmas will see consumers avoiding using their credit card.

The downfall of the US sub-prime loan market has led to a global financial crunch. In fact early this year, the bank run on Northern Rock, quite shook the confidence of its loyal customers.

The debt consultancy and pollsters YouGov teemed up in their research endeavors and revealed that as per their research, in all likelihood, this holiday season will see one in four Britons reluctant to use their credit cards.

James Falla, director of Thomas Charles stated, “The research conducted clearly illustrates that people are now analyzing on how much they are spending and are intending to stick with a budget”

However, he was unsure if people would actually restrict themselves in what is supposedly the busiest time for retailers.

He further stated that while people are close to making a resolution, it’s difficult to adhere to it since it’s the most perfect and natural time to shop and spend.

Thomas Charles’s did some of their own researching which showed that nearly 15% of Britons are facing serious debts of more than 10,000 pounds.

Overall, in comparison to women, men were found to be more in a severe debt situation.

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