Millions of Brits face 'payday mayday'
Published On 23 November 2007
Many Briton face 'payday mayday' as the end of the month arrives, with their current accounts running dry.A new study from Abbey shows that 64 per cent of people are forced to cut back their spending towards the end of the month as a result of budgeting problems.
Some 43 per cent of people make cuts to their social lives in order to get through the month and also to cope with the festive period which is often an expensive time.
Meanwhile, 17 per cent of people stop buying new clothes as the month draws to a close and six per cent cease purchasing cosmetics.
Over a third of Brits will become dependent on their overdraft and a quarter will use their credit card to see themselves through the month, the study suggests.
The head of banking at Abbey Steve Shore warned people to watch their spending at this time of year.
"With Christmas almost upon us, it's especially important that people budget carefully during December's party season to ensure they don't run out of cash this party season."
According to a new study by Scottish Widows, graduates have an average debt - excluding mortgages - of £10,586.
