Bank calls for 'realistic' festive spending
01 December 2009 11:10:10
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| Budgeting will be key this Christmas, The Co-operative Bank says. |
The firm has advised customers to avoid festive financial "overstretch" and to keep track of credit card, savings and bank account balances.
In addition, The Co-operative Bank said that consumers should make a "realistic plan" to pay off all money owed to financial services providers.
John Hughes, director of retail products at the company, said: "We want to remind people that it is possible to enjoy Christmas and start the New Year with their finances in the best possible shape.
"Often people have to tighten their belt in January due to over-spending, but with a bit of forward financial planning and a little common sense [they] can start enjoying the New Year with their finances in check."
The Co-operative Bank has also released new figures showing the average cost of individual transactions made during last year's festive period.
Londoners were revealed to be the biggest spenders on clothing during December 2008 at £53 per transaction, while thriftier shoppers in the north of England spent just £40 on each purchase.
For florists, residents of the capital again topped the list at £39, while people in the south-west came bottom of the list at £31 per transaction.
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