People 'should regularly review' bank balances over Christmas

People could face financial problems if they do not regularly review their bank balances in the weeks ahead, according to one expert.

If workers are paid early ahead of the festive holidays, they may be tempted to spend their money too soon, Moneynet.co.uk's Andrew Hagger has noted.

He believes that while early wage payments may prove useful in the short-term, consumers should budget accordingly to ensure that they have enough funds to see them through to next month.

Mr Hagger claims that people may be forced to pay large costs if their Christmas outgoings are too great and they end up going into their overdraft without authorisation to do so first.

Earlier in the autumn, Mr Hagger made his thoughts known about some of the practices that are in place which apply to people looking to manage credit card debt.

He suggested that minimum payment levels may currently be too low.

Written by Martin Peacock.