Shoppers could benefit from checking the amount of their existing funds this Christmas, as the rush to buy presents could lead to people overspending.
According to Sainsbury’s Bank, 20.1 million consumers plan to leave their shopping until Christmas Eve, when a total of £1.14 billion is expected to be spent throughout the UK.
Of this, an estimated £200.6 million will be spent using credit, leaving the remainder to come from existing funds.
However, this could provide shoppers with an opportunity to ensure they have sufficient funds or potentially risk being charged overdraft fees or levies for bounced cheques.
Yet, if there is the need to resort to using a form of credit such as a credit card, Donald MacLeod, credit card manager at Sainsbury’s Bank, recommends choosing one with a zero per cent interest rate which can help with repayments.
In related news, Barclays has estimated that £490 million will be withdrawn from cash machines in order to fund present buying on December 23rd.
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