Overspending 'could cause financial problems' for sales shoppers

People considering making expensive purchases in the January sales have been warned about the potential financial problems that overspending could lead to.

Shoppers should be wary of impulse buying in the current financial climate, Bright Grey's proposition director Roger Edwards has suggested.

He said: "By simply cutting back a little we could put the money that's saved towards protecting our lifestyle and financial security in the event of a serious illness."

Mr Edwards has also noted that the finances of many people may already have been hit by the demands of the festive season.

His comments follow figures published by Bright Grey, which have shown that sales shoppers might spend nearly £2 billion on unnecessary items this January.

Meanwhile, Bright Grey last month published research suggesting that a number of people would look to get credit to meet the costs of their household bills if they faced a period out of work.

Written by Tom Burroughs.