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Credit Cards -
Egg: Panic buying boosts credit card bills - 14/12/2007
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UK shoppers are leaving their gift-buying far too late and paying too much for presents as a consequence, credit card provider Egg said today.
In fact, the festive overspend is set to come to a total of £594 million due to the last-minute panic-buying.
According to Egg's study, around 4 million Britons will leave their gift shopping until just one week before the big day - and a hard core of 800,000 will buy their presents on Christmas Eve.
On average, the panic buyer will spend 39 per cent more than originally budgeted for, Egg estimates.
Alison Wright, chief marketing officer at Egg, said: "Each year we get 12 months advance warning that Christmas is coming, but still often resort to last minute panic buying.
"Consumers need to try to find ways to drive down the overall cost of Christmas – one way seems to be by avoiding those last minute shopping sprees, when lack of choice and panic buying are rife."
Taken on a region-by-region basis, stressed-out Londoners were singled out by the credit card firm as the worst panic buyers - 16 per cent leave their shopping late, more than anywhere else.
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