accepted.co.uk - the loans search engine

There may be a credit crunch but people are not letting that get in the way of their festive fun, according to new research.

Indeed, Halifax has discovered that Britons are setting limits on the amount that they will spend on family and friends, who will still receive presents this Christmas.

But individuals aged between 16 and 24 are the most likely to spend more than what they had originally agreed, meaning that they may need to turn to a loan to cover the cost of any new year endeavours.

The average spending cap is £33.26, although the south-east is the region less likely to blow the budget on friends and family, with an average limit of £15.78.

Commenting on the findings, Mike Regnier, Halifax head of banking, states that imposing a spending cap can be a good way to ensure that loved ones still receive gifts.

However, people cutting back in order to save money for a project in 2009 may prefer to take out a secured loan to give them a much-needed cash boost.

In related news, LV= recently stated that children are expecting Santa's present sack to be lighter this year because of the credit crunch.