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Credit card charges: Brits to spend £22 billion on Christmas

Christmas is an expensive time of year for Brits, with a new survey suggesting that in total £22 billion will be spent during the festive season.

Comparison site MoneySupermarket.com revealed that the average spend is around £445 per person, which is up 1.8 per cent on last year's figure of £437.

Those aged 35 to 54 spend the highest amount of money at £491 per person, while 18 to 34 year olds spend just £415. Children are set to receive £132 worth of presents each, on average.

Worryingly one in five (19 per cent) expect that Christmas will put them further into debt, which could result in extra credit card charges. Among 18 to 34 year olds this rises to 25 per cent.

"Christmas shopping is a significant area of expenditure for parents in particular. And with only one pay day left for most people until Christmas, it is important to take steps now to manage your finances in the run up to the big day - and beyond," said Clare Francis, financial expert at MoneySupermarket.com.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801495614-ADNFCR



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