Consumers are to spend a record-breaking amount on gifts this Christmas, according to a new survey.

Figures compiled by credit reference agency Callcredit show that £14 billion is likely to be blown on presents for loved ones this festive season.

Even among households with no children, the average anticipated expenditure totals some £620.

One possible means of obtaining the necessary funds for the holiday season could be secured loans, which may be repaid in the new year.

However, Callcredit warns that many consumers are more likely to turn to their flexible friends to see their way through short-term affordability issues.

"With the average Christmas spend level at £620 for individuals without children, consumers are using their credit cards on a more regular basis to help budget for it," explains fraud expert Owen Roberts.

He adds that this could leave many with a "financial hangover in the new year" - which could see many turning to secured loans in order to pay off credit card debts.

Internet analyst comScore recently revealed that UK online shoppers started buying Christmas presents in October, with six of the ten fastest-growing online destinations in the month being e-commerce sites.ADNFCR-1287-ID-18375847-ADNFCR

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