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Brits 'likely to overspend' this Christmas

Only 38 per cent of people have a budget and stick to it at Christmas, according to online payment service PayPal.

On average people spend approximately £154 on presents at Christmastime and while over eight in ten consumers say they are "savvy" when it comes to shopping and hunting out bargains, more than half of them will overspend, a YouGov survey for the company showed.

PayPal has suggested tips such as making a list, setting a budget and doing research into purchases as ways to avoid overspending over Christmas, although buying the perfect present for a special someone can often be expensive.

Cristina Hoole, shopping expert at PayPal, commented: "Christmas is usually an expensive time for all of us…Pre-planning who you are going to buy for and setting a budget are essential elements to ensure that you don't regret it in January."

There are options available to combat the "Christmas hangover" if consumers overspend at Christmas, however, such as consolidating debt.

See how much you could borrow with an unsecured loan from Lombard Direct.

© Adfero Ltd

21/12/2007 14:48:25

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