Nationwide banking finds Britons ready to go overdrawn

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Nationwide banking finds Britons ready to go overdrawn

Thu 16th Dec 2004

Nationwide Building Society has found that 30 per cent of Britons expect to have to use their overdraft this Christmas.

The building society is urging customers who feel they will go into debt to seek the cheapest way to do so and not rely on store cards or credit cards.

A survey by the building society discovered that the thing that people are most concerned about at Christmas time is overspending, with 66 per cent of those surveyed citing spending too much as one of the things about Christmas they are not looking forward to and two in five people not looking forward to going overdrawn.

The number of people expecting to use their overdraft as a result of Christmas spending is highest in London (48 per cent) and the South East (41 per cent), while just 20 per cent of Welsh people questioned expected to go into the red.

Stuart Bernau, Nationwide's executive director, said: "If you are likely to overspend this Christmas, make sure you're not paying more than you have to for credit.

"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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