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Consumers urged to spend sensibly this Christmas
People who are preparing for Christmas have been urged not to get carried away with their spending over the festive period.
The Finance & Leasing Association (FLA) made the call after new research revealed that in the past 12 months, the average consumer has spent 11 per cent more on credit cards and 25 per cent on store cards.
According to the body, consumers should remember that presents are only a starting point for their spending, so it is best to be sensible. It also claimed that anyone who does need to use credit should shop around for loans or other products.
Fiona Hoyle of the FLA said: "Christmas can be a tough time, make sure money isn't one of your worries.
"Take stock after Christmas - if you're not going to be able to repay your debts, talk to your lender as soon as possible.
They can't help if they don't know there's a problem."
Recent figures published by Credit Action found that levels of secured lending across the UK rose during October.