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Brits fail to set Christmas budgets

Britons are not setting themselves budgets for their Christmas spending levels, despite the threat of the credit crunch expected to hit this year's spending spree.According to new research from Halifax, a third of those polled by the bank said that they did not intend to set themselves limits on what they would be spending this year.While the giving spirit may be welcomed by retailers, it will be of concern to debt advisors, who will no doubt expect to see large numbers of people knocking at their doors in the new year as they try to deal with a major financial hangover.Mike Regnier, head of savings at Halifax, warned people: "We all know how expensive Christmas can be but by saving little and often we can make next Christmas that bit more manageable and that bit more enjoyable as a consequence."The figures found that people in the north are planning to be the most willing to splash the cash this Christmas, spending an average of £627 per person on festive cheer, whole those in Wales followed soon after, spending £489.50 each.

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