OXFORD city centre traders are upbeat about Christmas trade despite fears over the global credit crunch, stalling house prices and rising debt.

A report from financial experts at PricewaterhouseCooper revealed the average Briton now owes £33,000 in cards, mortgages and loans compared to just £17,000 seven years ago.

Frank Watson, owner of two shops in Broad Street, Bonnies and Flags, said: "I think that moaning about mortgage worries won't really kick in until after Christmas.

"At the moment trade is about the same as last year so I can't grumble. I think people will enjoy themselves at Christmas come what may, and worry about the expense afterwards."

Graham Jones, chairman of Oxford's High Street Traders' Association, said they were preparing themselves for a late rush of shoppers.

He added: "Trading has been patchy up to now with good days and bad days. But a traditional clothes seller told me that sales have come good since the interest rate cut, even if many lenders have not yet passed it on to borrowers.

"Internet sales have boomed this year but we hope that anyone who did not buy on the Internet by Saturday will now buy in the high street instead, to avoid late delivery."

Phil Lyons, manager of Marks & Spencer in Queen Street, said: "It's been a challenge. It's gradually become evident that Christmas is going to come later this year. Christmas Eve is on Monday and people see that as an extra weekend of shopping.

"Last week we noticed a big upturn," he added.

Michael Feller, of M Feller Son and Daughter butchers in the Covered Market, said: "Every shop is down and it is very difficult in retail as a whole."

Figures from retail tracking company Experian's Hitwise online division, show Internet sales rose 22 per cent from October to November, and that "silver surfers" (over-55s) are the fastest growing group on the web.

Experian found that, nationally, city centre sales were down 7.5 per cent last Saturday compared to the equivalent day last year, and 1.6 per cent down on Sunday. From Monday, December 3, to Friday, December 6, town centre sales were down 3.7 per cent on 2006.