It’s a Christmas, Credit Crunch Backlash.

Despite the fact that the average Joe owes £33,000 in loans according to recent reports, shoppers have slowly started to head back out onto the high street and in particular online in search of a happy Christmas.

Recent reports have shown a small increase in high street retailer’s sales with more and more people slowly hitting the streets to do some Christmas shopping.

This increase comes less than a month on following, PricewaterhouseCoopers warning that shoppers would be “facing severe restrictions on their spending as lenders reject credit card applications and reduce debt limits.”

The statement which cited that an “increasing number of households were stretched to their borrowing capacity, which in turn would hit consumer spending”, also noted that “consumer spending held up well in the third quarter of the year.”

Whilst high street retailer’s are reporting small increases in numbers, online spending habits are still high and aren’t about to change according to the U.K’s leading comparison site.

A recent survey conducted by Kelkoo found that a “surprising 60% won’t be changing their spending habits this year, in spite of gloomy economic conditions.” So it looks like it’s still going to be a merry Christmas for some……..hopefully.