Did shoppers heed Church of England warning?
Many shoppers have been hitting the High Streets and virtual retailers in their droves over recent weeks, as they clamour to buy gifts for loved ones and make purchases ranging from food and drink to clothes and entertainment for the festive season.
However, it has been a difficult financial year for most people given the credit crisis and the recession, and this has left many people without as much disposable cash as they need to make their purchases for Christmas.
It is therefore likely that many people will have turned to their credit cards to tide them over this festive season, despite warnings that have been issued by the Church of England with regards to using credit cards.
The Church of England made a broadcast several weeks ago called Wishing you and Affordable Christmas, and in it tried to discourage consumers from using their credit cards to spend frivolously at Christmas, as otherwise they would find themselves facing terrible debts once the festive season was over and reality hit home.
The Church of England had stated that by using cash rather than credit cards to pay for Christmas purchases consumers could help themselves to budget more effectively, and could avoid getting into debt over the Christmas period.
The Church also said that it was important to ensure that people had a good Christmas without having to cope with a terrible New Year because of the amount that they had spent on their cards, which they would then have to repay.
However, the British Retail Consortium said that the Church should not make out that those spending on credit cards are doomed, stating: “It is wrong to demonise those who want to borrow. Yes, shoppers should not borrow money they can’t afford to pay back, but credit is an important device to spread the cost of a range of needs and wants, at anytime, including at Christmas.”
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