Christmas 2007 loan spending up by 10%
Analysts predict that pre-Christmas loan and credit card borrowings are likely to exceed more than £50 billion pounds in 2007.
According to the UK’s leading consumer spending analytics firms, December 2007 will set a new record for consumer credit acquisition with expected figures to surpass the same time last year, by a whopping 10%.
The firm also predicts that although the vast majority of this credit will be spent through the more traditional high street outlets, their will also be a sizeable percentage of consumers making their purchases online.
A spokesperson for the firm suggested that personal loans are by far the most common form of credit used by consumers shopping on the high street, however, not surprisingly, credit cards will far outweigh any other forms of credit for those shoppers making the bulk of their purchases online.
In related news, the consumer credit council has warned loan borrowers to tread with an air of caution, as it fears that a record number of consumers may file for insolvency as a result of overstretching themselves at Christmas.
