- Monday, 21 December 2009Consumers have been warned to keep their spending under control this Christmas, to avoid needing
IVA help.
Financial organisation Moneynet.co.uk found that overspending during the festive season could easily result in bank charges of at least £60 in January.
Spokesman Andrew Hagger advised people to avoid the risk and apply for an authorised increase on their overdraft limit.
"Failure to check the state of your current account and adopting a worry about it later attitude could see you run out of cash and faced with some hefty bank charges come the New Year," he said.
Mr Hagger said arranging an agreed overdraft would allow people some much needed "financial breathing space", taking them through to January payday.
Research by the Finance and Leasing Association revealed that last Christmas the average consumer spent 11 per cent more on credit cards and 25 per cent more on store cards than they spent during the other 11 months of the year.
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