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Consumers `tired of Christmas credit card debt`

16/07/2007

British consumers are growing increasingly tired of accruing large debts over the Christmas period, it has been claimed.

Peter Johnson, owner of the Park Group, told the Liverpool Daily Post that people "are getting fed up" with credit card debt, which has led to an increase in saving beforehand, as the year progresses.

"Debt is expensive. People have been taking a lot of debt on," he explained.

"People now realise that saving before Christmas is a better way of doing it and it has been growing year on year."

He cited a recent downturn in Christmas savings schemes due to last year`s Farepak collapse, in which 150,000 families lost their money.

However, confidence in the industry is slowly returning, he claimed, as people remember that "debt comes with a price" and look for alternatives to using costly credit cards.

Last year, research from MoneyExpert.com revealed that the average time required to clear Christmas credit card debt was 2.6 months.

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