Press Release Summary: Brits have already spent hundreds of millions of pounds in preparation for the Christmas season. Credit cards are responsible for funding a large proportion of the money spent.
Press Release Body: London (Loans-Bazaar) November 28, 2007: According to a data from Sainsbury\'s Bank, almost £6.29 billion has been spent in preparation for Christmas and more than one-fourth of this amount is expected to have been spent by using credit cards. It means a whopping £1.66 billion spent through credit cards.
Donald MacLeod, head of Sainsbury\'s Cards said: "Christmas is one of the most expensive times of the year so it\'s encouraging to see that a large number of shoppers are spreading the cost." MacLeod added that it makes sense to look for a credit card that gives you something back in return.
Credit cards still fund a significant part of the consumer spending in the UK. Other options available to Britons include personal loans, overdrafts and secured loans.
Most of the money spent in preparation for Christmas has been utilised for buying gifts for family and friends. The data revealed that an average amount spent on Christmas is £132.42. It is believed that more than 2.5 million people have spent more than £500 on pre-Christmas shopping.
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