Nationwide predicts Christmas hangover on overdrafts

17 December 2004
Almost one in three Brits (30 per cent) think that they will have to dip into their overdrafts this Christmas, Nationwide Building Society has found.

And overspending is the thing that most worries consumers about Christmas, the building society discovered.

People in London are the most likely to go overdrawn (48 per cent) followed by residents of the South East (41 per cent). People living in Wales were half as likely to drop into the red as a result of holiday spending, with just one in five (20 per cent) predicting they would go overdrawn.

Stuart Bernau, Nationwide's executive director, said: "Store credit cards can be very expensive and unauthorised overdrafts can charge up to 30 per cent. Arranged overdrafts are often a good short-term solution and are usually free to arrange, so it doesn't cost you if you don't use it."

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