Savings down in build up to Christmas

According to Birmingham Midshires, savings levels have dropped by a fifth in the past three months, meaning that many Britons may need to start formulating a Yuletide debt management plan now.

Jason Robinson, director of savings operations for Birmingham Midshires, said: “Looking at current levels of savings, it would appear that many Brits may have started spending for Christmas early and so savings have fallen by the wayside slightly.

“What we would say is make sure you’ve still got one eye on the amount that you spend so that the start of 2007 can still be fruitful,” he added, urging action now.

Although it is less than two months to Christmas, many people may wish to start taking advice on becoming debt free now.

Last Christmas consumers spent in the region of £50 billion, Apacs estimates, indicating that Britons are likely to need a debt management plan now to tackle this spend.