As the Christmas season approaches, a significant number of Britons are worried about how they will manage their money.

It has been reported by CreditExpert that 45 per cent of people have concerns about the extra expense involved in the build-up to the festive period and the impact it will cause on their budgets. The credit file company also pointed out that four in ten Brits intend to spend less money on presents than they did in 2007, in the hope that they can manage their finances over the Christmas and new year period. Consumers intend to spend 22 per cent less this year, that's an average spend of 301 compared to the 387 spent last year.

It seems to be that these concerns about getting to grips on spending, has made it more dramatic due to the current financial climate, some 53 per cent of people have found that the credit crunch is causing them to struggle more when it comes to managing their money.

To cover the cost of Christmas, securing a cheap loan may be an option, to help cover the cost of Christmas. It has been reported that 23 per cent of Britons will be raiding their savings, while 12 per cent are hoping to secure a pay rise or looking towards doing overtime to meet various expenses in the run-up to Christmas.

More consumers could fall in to debt in the new year, by not being able to afford to pay their personal loans and credit cards etc. As over a quarter of individuals serveyed, have said that they will celebrate this Christmas, as they have always done previously and worry about the financial consequences in the new year.

The study also showed that some 39 per cent of people are set to recycle old presents, by giving old or unwanted gifts they received in previous years to friends or family members. Jim Hodgkins, managing director of CreditExpert, said: "How much we spend this year on Christmas is a concern for many of us and recycling presents might seem like an attractive option. Just be careful you keep a close track of your gifts so you dont end up in the sticky situation of the present landing back in the hands of the person originally giving it - or anyone they know!

Just remember, the most crucial thing to do if you need to lend money, is to borrow responsibly this Christmas. It's also a good idea to check your credit report, to make sure you have a good credit status and give yourself the best chance of getting a good deal with a lender."

Savebuckets have done a recent study that highlighted that just under a quarter of Britons are still repaying debt from Christams 2007. If needing to borrow this Christmas, then consider a low-cost loan. Consumers can then meet these expenses quickly, but also leave them with an affordable amount to repay each month.