Consumers advised to seek debt help

Consumers should seek debt management advice to ensure they don't incur a financial hangover this year, according to one group of experts.

Moneynet.co.uk have advised consumers to speak to their bank or building society about arranging an extended overdraft following any hefty Christmas spending.

The guidance comes as new research from Bright Grey shows almost £5 billion will be spent in the January sales this year. This is on top what is widely believed to have been a bumper Christmas for high street retailers.

Kevin Still, director at Atlantic, warned people that even though borrowing further on their overdrafts may be a cheaper way to fund the festive season, it is not designed as a long-term source of lending.

Instead, he advised people to clear debt of this type in the near future, and budget for seasonal spending as banks get tougher on overdraft fees.

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