A million a minute on last minute Christmas spending

December 23rd, 2005

Brits are estimated to spend a combined total of over £1.1 million a minute on Christmas Eve, it has been reported.

A fifth of this spending on last minute gifts will be put onto credit cards.

Although credit cards provide an easy access option for paying for those spur of the moment gifts, consumers are being warned to consider the implications of such spending for credit bills after the new year, MyFinances.co.uk reports.

Credit cards offering a zero per cent interest rate on introductory purchases however, may present a good solution for those opting to borrow over Christmas.

“Our research suggests that it could be a busy time for the shops on Christmas Eve and that a lot of people will be using their credit cards,” said Donald MacLeod, credit card manager at Sainsbury’s Bank.

“A card with a long interest free period can be a good way to spread the cost of Christmas.”

Regionally it was found that consumers in the north-east, Yorkshire and Humberside are the most likely to shop at the last minute, with those in the south-east of the country found to be the most organised when it came to getting their shopping done early.

Search our database of credit cards here

Entry Filed under: Credit Cards, Finance Info