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Week 'worst for money worries'

This week is the worst of the year for money worries as summer holiday bills arrive, children return to school, universities open and planning for Christmas spending begins, according to a new report.

Credit card firm Capital One said it had worked out a formula on when people felt the most pressure on their finances, which included higher heating bills as the weather turns cold, increased use of cars, children's child care and other costs associated with this time of year.

Brian Cole, managing director of Capital One, said: "We know that it can be a worrying and stressful time when you've got lots of bills coming in and imminent payments like winter fuel bills and Christmas."

Professor Geoff Beattie of Manchester University, who calculated the formula, said: "It was important to examine both retrospective financial pressures, such as summer bills hitting the doormat for child care and the family holiday as well as the cost of new uniforms and back to school equipment, alongside the prospective financial pressures, such as increased use of transport and rising fuel costs as winter approaches, to define when cash going out the door combined with psychological concerns about finance can create a money meltdown."

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