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Despite the credit crunch, consumers are still splashing out to make sure that this Christmas is one to remember for all the right reasons.

Such is the assertion of HSBC, which found that the average person will spend £479 this holiday season, an amount that could swiftly be dealt with by a loan.

Indeed, research reveals that people aged between 44 and 55 are going to be the biggest spenders, forking out an average of £579.

Commenting on the findings, Debbie Thomas, head of savings at the bank, says: "Everyone knows that Christmas is an expensive time but by tucking away the cash, albeit sometimes small amounts, it can really add up to make next Christmas much more manageable."

However, for households which have struggled with rising prices and may find it impossible to put aside a significant amount, secured loans could be one way to fund the festivities and any other expensive ventures that need to be covered this winter.

Meanwhile, consumers with a cash pot provided by a secured loan may want to follow the advice of Dr Owen Roberts, head of Callcredit Check, who advises individuals not to panic buy presents and to always shop around for a good deal.