Debt problems not stopping expenditure, survey suggests

Any debt worries that Britons have do not appear to be curbing spending this Christmas, if the results of a new survey are to be believed.

According to Sainsbury’s Finance, record amounts of money may be taken out of cash machines this December, with an estimate of £10.6 billion to be withdrawn, which – if true – will be the largest monthly total for at least six years.

The company’s Alex Blake recommended that people consider getting their funds out while shopping, as standing in a queue in the cold on a night out is not advisable.

“This party season, make sure you don’t leave getting your cash to the last minute,” he said.

It was also revealed that, during December, approximately 12.4 per cent more money is taken out of machines than in other months.

However, debtors were also recently advised by Moneynet.co.uk’s Andrew Hagger to monitor their expenditure at this time to avoid incurring bank charges.

He suggested people arrange overdrafts to make the wait until the next payday easier.

By Sarah Adie