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Brits to cut down on Christmas gift spending
Britons are considering recycling old presents when they turn up for Christmas parties this year, in light of the credit crunch.
More than 18 million UK residents said they will recycle old presents such as unwanted CDs and toiletries that they have been given in previous years.
Around 39 per cent of respondents said they would recycle presents – up from 16 per cent last year.
The study conducted by CreditExpert.co.uk found that 53 per cent of Britons admit to struggling more this year due to the economic climate.
Around 40 per cent of people said they are planning to spend less this year on Christmas presents.
A significant number of people also expect they will get into debt this Christmas to fund festive parties and events.
But 28 per cent said they are going to celebrate Christmas as they normally do and think about the consequences in January.
Jim Hodgkins, managing director of CreditExpert.co.uk, said: "How much we spend this year on Christmas is a concern for many of us and recycling presents might seem like an attractive option. Just be careful you keep a close track of your gifts so you don't end up in the sticky situation of the present landing back in the hands of the person originally giving it - or anyone they know.
"Whatever you do spend this Christmas, you can improve your finances by remembering the crucial thing is to borrow responsibly. To give yourself the best chance of getting a good deal with a lender, it's important to check your credit report to make sure you have a good credit status." 
