Thursday, December 10, 2009
Category:
Consolidation
Further to research conducted by Clydesdale Bank, it has been estimated that approximately £1 billion will be withdrawn from the 6,000 ATMs in Scotland throughout December.
The research showed that the average withdrawal during this period will be £40, which marks a 10 percent increase on the sum recorded in November. Furthermore, it was found that a substantial £11 billion will be withdrawn from nationwide ATMs during December, which is equivalent to up to £1 million every hour.
With regard to the busiest times for cash withdrawals, two particular weekends have been uncovered by Clydesdale Bank – the first weekend in December and the weekend before Christmas. The latter will reportedly see approximately 25 percent more money being withdrawn in Scotland, with a total estimated withdrawal in excess of £110 million. The nationwide figure is anticipated to reach £1.2 billion.
Clydesdale Bank’s research also showed that the busiest ATMs are those in ‘central town locations’ and at ‘leading shopping centres’. Last year the five busiest Clydesdale Bank ATMs in Scotland were found to be: West George St in Glasgow, Sauchiehall St in Glasgow, Olympia Arcade in East Kilbride, Glasgow Fort Shopping Centre, and Silverburn Shopping Centre.
Retail Director for Clydesdale Bank, Steve Reid, commented: "Despite the rise in popularity of Debit Cards, cash withdrawals from ATMs continue to grow each year.
"Christmas is always the busiest time of year for shoppers but they can avoid the rush at ATMs by starting early in the morning or picking up cash in mid-week when there are considerably fewer transactions.
"Those out to celebrate the season face less problems with queuing; they tend to stagger their withdrawals across the day and evening. But they are more susceptible to crime, so we advise them to enjoy themselves but take care when using an ATM at night."
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Homeowners who have relied on credit or store cards throughout the year, could consider taking out a
secured loan to consolidate these. One of many finance options available, tying existing debts up into one place could leave borrowers with just one monthly repayment as opposed to juggling several. In addition, the single monthly repayment could prove to be lower than current outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
