Prevent Last-Minute Overspending with a Prepay Card

Published on 1 January 1970 by Raffick Marday

As Christmas fast approaches, spending is set to hit £6.7 billion this week as consumers rush to shops for last-minute presents.

Of this amount £1.9 billion will be spent on credit cards Sainsbury’s Credit Cards research indicates, with the average adult spending £170.25 this week.

A further 1.9 million shoppers predict they will spend over £500 and 135,000 adults think they could end up splashing £2,000.

If you still have a number of Christmas presents to buy before Saturday try using a prepay card to prevent you from overspending.

“Once again there looks set to be stampedes of shoppers this week as people leave their shopping to the last week before Christmas,” said Stuart McKeggie, Sainsbury’s credit cards head.

“In prudent times, people are also looking to stretch their budgets and are turning to supermarkets where they might once have shopped in department stores.”

While presents account for the largest chunk of this spending at £2.4 billion, electrical items will see a spend amounting to £560 million on gadget such as TVs and white goods, with an additional £2.1 billion to be spent on food and drink.

Spending on fuel will amount to £923 million while £543 million is set to be spent on new clothes, and £326 million on toiletries.

The Benefits of Prepay Cards

If you are still to buy Christmas presents, food and drink and other items for the holiday, it is easy to spend more than you would, had you done so earlier.

Panic-buying to ensure that you have enough presents can cause many to spend over their budget and often this can cause recession hit Brits to get into debt.

A prepaid credit card can be purchased online or through retail shops for a small price to load a budget on and use to make purchases.

It does not allow the user to spend over their budget unless they top it up again - making sure the card user knows how much money they are spending.

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