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Brits look to avoid debt trap with Xmas spending cap

22/12/2008

Many Britons are looking to avoid the debt trap this Christmas by sticking to a spending cap for each person on their shopping list, according to new research from Halifax.

The survey revealed that people set their cap at around £33.26 per person, although nearly 70 per cent of those surveyed said that they did not plan to go above £25. Shoppers aged 16-24 had the highest cap, at just over £50 per person. The smallest national average was in the south-east, where the average spending cap was just £15.78.

Mike Regnier, Halifax head of banking, said: "For many, a sensible spending cap is a great way to cut the cost of Christmas and still manage to buy presents for all our family and friends."

The research found that 85 per cent of respondents said they would stick to capped spending, although the 16-24s were the most likely to over-spend.

Fairinvestment.co.uk reports that 28 per cent of shoppers questioned in its own survey said that spending was not an issue this Christmas.

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