Christmas spending falls below £500

Less money will be spent by people over Christmas this year. Spending will be curbed by savers trying to reduce their Christmas expenses. Christmas spending may fall by 10% this year as Britons try to stay out of debt. A survey, carried out by savings provider ING Direct, found that the average person expects to spend £490 on gifts and entertainment this holiday season, which is almost £60 lower than the figures recorded in 2009. A quarter of the 2000 respondents said they were cutting back on their spending to prevent running up large credit card bills - the average person was in £380 of debt following Christmas last year, which took up to eight weeks to pay off.