East Anglians least likely to put Christmas on credit
East Anglians are the least likely to put their Christmas spending on credit despite being above average spenders according to research from credit report service MyCallcredit.
Its research reveals only 4.3 per cent of East Anglians will use credit to fund their Christmas festivities this year against a UK average of 8 per cent. The vast majority of spending will come from monthly income (59.3%) or savings (35.1%).
The number of East Anglians set to splash out is higher than average with 7.9 per cent saying they will spend £1,000 or more compared to a UK average of 5.4 per cent.
And people in East Anglia are less likely to spend under £500 (50.8% compared to a UK average of 57.3%).
Of the people who will use credit this Christmas half (55.2%) will pay it off within a month, a quarter (25.9%) will clear their debts in four to six months and a fifth (18.9%) will take more than six months to be rid of their overindulgence.
Consumer affairs director Mel Mitchley says:
"Christmas is often a time when people can feel pressure to spend more than they can afford but our research shows people in East Anglia are the least likely to splash out on plastic.
"The vast majority of people in East Anglia have saved and budgeted but people who are going to borrow should do so within their existing credit arrangements and aim to pay it off quickly, otherwise some will still be facing a Christmas hangover when it gets to summer next year."
- Southerners were more likely to use credit than any other region of the UK with 12.9 per cent saying some of their Christmas spending would be on credit.
- East Anglians were the least likely to pay for Christmas using credit 4.3 per cent against a national average of 8 per cent.
- People in Lancashire were most likely to pay for Christmas from savings (44.1%) while people in the South were least likely to use savings to cover festive costs (23.5%). Nationally 35.6 per cent of people said savings would pay for Christmas.
- The research was carried out by NEMS market research among 1000 adults for MyCallcredit between 28 October and 2 November 2005.