Xmas spending of £11 billion may increase debt management
Xmas spending of £11 billion may increase debt management
Friday 4th December 2009
That is according to figures released by Yorkshire Bank, which show that the average cash point withdrawal will be £40, up 10 per cent from the previous month.
Additionally the two busiest weekends for cash withdrawals are coming up this December, with the bank estimating that £1.2 billion will be withdrawn on the weekend of the 5th and 6th of December alone.
Although shopping for Christmas gifts are one of the main factors behind the increased withdrawals, revellers flocking to take out cash for seasonal celebrations take out the most cash from 'holes in the wall'.
Yorkshire Bank, along with its parent company Clydsedale Bank, has more than 940 cash machines across the UK.
Many people's chances of having enough cash to spend this Christmas might depend on getting debt management or securing debt consolidation loans, which can help people through tough financial times.
Head of retail for the bank, Gary Lumby said: "Christmas is always the busiest time of year for shoppers but they can avoid the rush at ATMs by starting early in the morning or picking up cash in mid-week when there are considerably fewer transactions.
"Those out to celebrate the season face less problems with queuing; they tend to stagger their withdrawals across the day and evening."
Earlier this week, charity Citizens' Advice warned people not to take on debts that they could not afford to pay off over the Christmas period, having received more than three million enquiries relating to debt problems since the start of the recession.
News article brought to you by Debt1 – Confidential Advice for Managing Debts
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