Credit Crunch Xmas?
WORDS: Vicky McKenzie /
Since the economic recession began earlier this year, people have dramatically stopped spending and have been saving their hard-earned cash for the festive period.
The recession has affected thousands of people all across the UK, and the news has been full of doom and gloom as people lose jobs and face eviction during the coming months.
The Government has reduced interest and tax to try to solve the problem and I spoke to fellow students at the University Of Glamorgan's Atrium campus to see how it will affect their Christmas.
Lauren Allwood, who also works in House Of Fraser, said, "Yes it will affect me a bit because they’ve cut my hours in work as it's less busy, therefore I’m getting less money to spend on presents." But she was still very excited for Christmas and said it wouldn’t put a downer on it for her.
Cherie Strawbridge, who works in a travel agents, said, “In work we’ve had a lot of redundancies in the company because people are looking for really cheap deals to get away in the New Year, but there has been a major decline in bookings over the last two months. But I am still really excited and cannot wait!"
However, it’s not all bad. With shops introducing the new change in VAT and sales all round, this year’s shopping could prove to be full of bargains, helping to put to rest all financial worries for the Christmas period and New Year.
So, my advice to you all is put on your happy faces, go bargain hunting and enjoy yourselves!
Vote on our current poll as to how you'll be spending, on our homepage.
TheSprout's Money Directory is here.
