Debtors must monitor Christmas spending, expert says

Britons have been warned to monitor their expenditure over the Christmas period so as to avoid any possible bank charges in the new year.

Moneynet.co.uk’s Andrew Hagger advised people to consider launching a pre-emptive strike by arranging an overdraft to make the period until the next payday a little easier.

Although he said that employers handing out pay cheques earlier may be a good show of Christmas spirit, it can make it harder to monitor finances, what with parties and buying lots of presents at this time of year as well.

Mr Hagger went on to highlight the importance of having an overdraft facility, saying that if people exceed their limits without authorisation, they could incur daily or monthly charges, or even both.

His words of counsel follow predictions from the Money Advice Trust, which stated that the number of those looking for debt advice over Christmas is set to increase.

By Sarah Adie