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PPI Claim: Shoppers 'forced to cut back'

Payment protection insurance claims and loan refunds could be useful for the British consumers who will not be able to spend as much on Christmas gifts this year as they did in 2010.

New figures from Churchill Home Insurance revealed that 25 per cent plan to make cutbacks and of those, 73 per cent stated the decision was to save money.

The average person will buy presents for nine people totalling £379, according to Churchill.

Matt Owen, the firm's spokesperson, said that even though some people plan to reduce their festive budgets this year, the average price of a gift will still be £40.

A recent study by MoneySupermarket.com found that if people rely on credit cards to cover their Christmas expenditure they could worsen their financial situation.

The site calculated if a person spent £437 on a typical credit card and only paid off the minimum monthly amount, they would still be paying for the purchases in nearly 13 years time.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801233311-ADNFCR



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