The majority of UK consumers plan to use their savings or monthly income to pay for Christmas festivities instead of borrowing, according to new research.

A survey by MyCallcredit says nine out of ten Brits have pledged to be cautious with money this December and will not resort to borrowing to pay for presents and parties.

Consumer affairs director at MyCallcredit, Mel Mitchley, said: “Our research shows nine out of ten people don’t intend to borrow to cover the cost of Christmas, and the vast majority of those who do will pay it off within three months, which is really encouraging.”

But Brits have not just promised to refrain from borrowing cash, they have promised to spend less too.

MyCallcredit found over half of consumers plan to spend £500 while one in ten put the price of Christmas at £1,000.

People in the Midlands planned to be most cautious with their money, with over quarter predicting they will spend £250, while people in Yorkshire are the most extravagant, with around one per cent planning to spend over £1,000.

Price comparison website moneysupermarket.com says savvy Brits could save over £600 in time for Christmas if they reviewed their financial packages.

“By reviewing their basic finances consumers can make some significant savings in time for the festive period,” said moneysupermarket.com director Stuart Glendinning.

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