Cash withdrawals ‘to soar’ this month

New research has indicated that December will see the highest number of UK cash withdrawals from ATMs for any month in six years.

A total of £10.6 billion will be taken out over the period, according to Sainsbury’s finance, with the bank stating that this will include £740 million from its own machines.

It noted that this total will equate to £341 million a day or £237,100 per minute, with 12.4 per cent more being taken out in December than in an average month.

Those who are taking out cash may include consumers on overdrafts, with the risk that the spending of such money on Christmas period expenses will lead to debt management problems.

One solution to this may be to take on financial products charging less interest on borrowing.

Debt adviser for the Money Advice Trust Beccy Boden Wilks said that debt management issues will be worse for consumers this year, with Christmas 2009 likely to be “our busiest on record”.

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