Friday 21st December 2007
All eyes are on the sales figures to determine the likely impact of Christmas on the nations collective debt, an expert suggests.
Neil Munroe, external affairs director for Equifax, explains that high street sales have seen many Britons spending less than they had anticipated in the run-up to the big day.
"The issue at the moment is what level of Christmas spending is around," he asserts.
"Obviously theres a lot of discounting going on in retail and theres a lot of information to suggest that people arent necessarily spending as much as they were."
But he adds that expenditure is still likely to be significant - with short-term borrowing a likely means of funding purchases.
This is typically followed by a trend towards debt consolidation in the new year, Mr Munroe contends - although he warns that this could prove more difficult than in previous years due to the credit crunch.
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