Brits are scared of Christmas spending but a zero interest credit card may help

Brits are worried about paying for Christmas this year and many are planning to use a credit card to fund the festivities.

Almost half of UK consumers (45%) are worried about funding Christmas this year, according to research from Moneysupermarket.com.

Their fears have substance as two thirds of consumers will not save enough to cover their Christmas costs and will therefore rely on credit cards, overdrafts and loans to tide them over.

This is a point made by Kevin Mountford, head of banking at moneysupermarket.com, who says “Christmas is always a difficult time of year financially and the current economic climate is not making things any easier.”

“Preparation is the key during the festive season and consumers who have saved will be able to start the New Year without the burden of Christmas debt hanging over them.”

Zero interest credit cards may provide some relief for those struggling to raise sufficient Christmas cash, as long as their terms and conditions are studied carefully first.

Back to Kevin Mountford who added: “For those with insufficient savings, trying to fund the whole event through their December salary can be a bit of a stretch. If you do need to borrow over the festive period, a credit card offering zero per cent interest on purchases might be the cheapest option.”

“For those with insufficient savings, trying to fund the whole event through their December salary can be a bit of a stretch. If you do need to borrow over the festive period, a credit card offering zero per cent interest on purchases might be the cheapest option.”