Britons tend to spend more on credit cards during the Christmas festive season according to fool.co.uk.

But the economic decline has meant that many lenders are increasingly reluctant to offer credit to customers. With unemployment on the rise and the cost of food and energy sky rocketing, many consumers are turning to their credit cards.

A new study by Callcredit suggests that 55% of the UK’s adult population is intending to reduce Christmas costs this year despite recent attempts by the government to encourage Christmas spending.

The research by Callcredit also found that 27% of Britons were determined to cut down spending by at an average 50%. At the same time, the report showed that almost half of Britons are not planning to reduce the amount spent on presents and partying.

Other previous studies reveal that 18% of consumers are prepared to pay for their Christmas celebrations using credit cards. A research by Deloitte also indicates that British consumers plan to spend an average of £655 each on socialising and buying Christmas presents.

Consumers are advised not to stick with their lenders monthly minimum repayment (MMRs) especially if they are trying to pay back a credit card balance. Fool.co.uk warns that although the MMRs are set very low, a small debt could take years to repay.