Tuesday 7th of December 2010
Brits who spend an early pay packet too quickly and fail to hold back enough money to cover themselves through to the start of the year may start to think about individual voluntary arrangement questions if the pressure of servicing their debts becomes too great.
Andrew Hagger from Moneynet.co.uk warned that heavy bank charges could be imposed on people who do not keep tabs on the amount they have put away in their current accounts.
At this time of year, individuals are prone to being less frugal and often have several different parties and nights out to pay for, which could lead to debt mounting up.
"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 a big bank charges bill," Mr Hagger stated.
He noted that by keeping to a budget Brits can enjoy themselves without having to fear the consequences in the new year.
Last week, managing director of the Debt Advice Foundation David Rodger stated it is important that people know how much money is coming in each month compared to what is going out.
By Chris King
