A survey by abbey has shown that one in four Britons are bank rolling Christmas this year with credit cards and loans, spending an average £446 each.
The Liberal Democrats have called on borrowers to heed the words of Mathew Barrett, chief executive of Barclays, and not to pile up debts on expensive credit cards.
Malcolm Bruce MP, shadow DTI secretary for the Liberal Democrats, says: “It is not only the turkey that will get stuffed this Christmas if people rely heavily on credit to fund the festivities.
“With personal debt at records levels and interest rates beginning to rise, people should be extra careful this Christmas that they don't spend beyond their means. The credit card debt hangover could last well into the new year for many families.”