Beamdog has been very slow in patching this game breaking bug on the console versions, however I think I may have found a possible work around to avoid it happening, and hopefully enable people to finish the game.
Looking at the update history (accessed by pushing Options on the controller with the game selected), I noticed that version 1.01 mentioned an update to the shop UI. Since going into a shop always triggered the glitching text for me (followed shortly after by a crash), I uninstalled the game data, re-installed, and then paused the update file, so the game was running on version 1.00. Went back into the shop UI, made a few purchases etc, and no glitching! The game keeps trying to install the update, so easiest way is to disconnect from the internet when launching the game.
Now I have seen other people say the bug turned up for them later, regardless of what they did, so it's possible it may pop up again later down the track, but so far, so good. I've never played the game through before, so the patch may fix other bugs (one in Fortress of regrets is mentioned in the notes), so you may have to update at points to get past a bug, uninstall and then continue playing. A total pain I agree, but at least you should be able to get to the end of the game.
Hope this helps people out, and hopefully we'll see a patch for this soon.