Costly gifts ‘can add to personal debt’
Expensive gifts for loved ones can increase levels of personal debt, it has been warned.
Figures published by MoneyExpert show the average Briton spends £744 a year buying presents for their partner.
And while the financial analyst recognises there are other causes of personal debt, consumers are advised to check that their expenditure does not add to the dilemma.
Sean Gardner, chief executive of MoneyExpert, states: “While few of us are likely to rack up a debt based solely on present giving, it’s worth considering whether it’s really necessary to buy expensive gifts.”
“Nobody wants to put a price on love but it seems that keeping the spark going has never cost more,” he adds.
Previous research by credit expert Experian revealed that 47 per cent of Britons would buy a round of drinks for everyone they were out with, regardless of how large the group had got.
Consumers who find they cannot help being generous could benefit from some free debt advice.
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