The post-Christmas financial headache is likely to be less painful this year than it has been in the past, one sector commentator has claimed.
Darren Cook, spokesperson for Moneyfacts, said that this was because as Britons became more aware of the effect the credit crunch could have on their pocket, they have become more prudent in their spending.
He added that in light of this, people relied more on their disposable income over the festive period than credit and were now more aware of what the financial future could hold over the next two years.
"As the recession kicks in I think everyone is aware there are going to be tough times ahead so I think lots of people are prepared or taking precautions so they don't get into trouble in 2009," Mr Cook explained.
According to research by Norwich Union, many Britons this year welcomed the idea of a frugal Christmas as a means to rediscover a little festive spirit at home with the family.
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