Young people could potentially save a lot of money by choosing the right type of credit this Christmas, the Office of Fair Trading (OFT) has said.

The OFT has joined up with financial organisations to create a website to help 18 to 24-year-olds choose the right type of credit for their festive Christmas needs.

John Fingleton, OFT chief executive, said: “Credit helps consumers spread their commitments over the year.

“It is of growing importance to young consumers and is already an established part of their financial landscape.

“Our campaign aims to give this group the skills they need to budget and be as savvy borrowers as they are shoppers.”

The OFT says young shoppers be as choosy about what they borrow as how they shop and should assess their ability to cope with credit repayments before they make any major financial decisions.

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