40% 'plan to use credit to fund Christmas spending'

A poll has shown that 40% of shoppers plan to use credit to fund their spending this Christmas.

The consumer director of the financial regulator Mary O'Dea said: "Given recent changes in the economy, a lot of consumers are already aware of the need to plan their Christmas spending carefully. Our recent online poll showed that almost 60% of participants had put money away for Christmas.

"However, I would urge consumers to budget first, and buy second this year, so they don't start the new year in debt."

Some tips for controlling use of credit this year include:

- Use cash/laser where you can and your credit card sparingly: If you are going to use your credit card, think about how much you are spending on it first;

- Stagger your spending over a few weeks to spread the expense of Christmas;

- Make out a list before you go shopping. This will save you money and help you avoid impulse-buying.