SHOPPING centres across the region have reported near-record takings over the Christmas period - quashing speculation of shoppers switching from the high street to the internet.

However, the lavish spending has come with a warning attached as consumers were told last night they could be facing a financial hangover in the New Year.

Across the North-East, some of the main shopping centres said the past two days had exceeded expectations and profits looked set to soar.

Thousands of shoppers queued from the early hours to grab a bargain, in a trend matched across the country.

Last night, centre managers said profits showed no signs of slowing, but economists warned of households being hit when bills arrive.

People in Britain will spend about £33bn on food, alcohol, travel and presents over the festive period, according to consumer watchdog Which?

To cover the spending splurge, 29 per cent of people will borrow money, with one in five racking up credit card bills, and one in ten using an overdraft, which could result in bank charges of up to £30.

Doug Taylor, personal finance campaigner at Which?, said: "Try to keep within a set budget. Just going over your overdraft limit by a few pence can result in unfair and excessive bank charges piling onto your account, making the situation worse - and there isn't much Christmas spirit from the banks when it comes to overdraft charges."

The region's biggest shopping centre, Gateshead's MetroCentre, told The Northern Echo the 2006 Christmas sales promised to be among its most successful ever.

Marketing manager Karen Carr said Boxing Day sales were up ten per cent on last year, and rose substantially throughout November and December.

She said: "Although we don't have figures yet for Wednesday, it is definitely one of the best sales days we have had. The early indications are very positive indeed."

Retailers also disputed claims that profits would be hit by people taking their custom to the internet, saying takings had been consistently high throughout the festive period.

In Darlington, where visitor numbers have been falling during ongoing pedestrianisation work, the Cornmill Shopping Centre bucked the trend to record a significant year-on-year increase.

Manager Susan Young said Boxing Day footfall was 18 per cent up on 2005, with 210,000 shoppers visiting the centre in the week before Christmas - a 22 per cent rise on last year.

The Hill Street and Mall centres in Middlesbrough reported significant increases, with about 120,000 people visiting on the weekend before Christmas.

Although The Bridges Shopping Centre, in Sunderland, Durham's Prince Bishops Arcade and Eldon Square in Newcastle said they did not have figures available, all reported being very busy.

Discount outlets continued the pattern, with Dalton Park, in Murton, County Durham, and York's McArthur Glen reporting high turnouts.

Norma Middlemiss, centre manager at McArthur Glen, said the growth in takings for December was in double figures.

She said: "The whole of December has been a good month for us, and Boxing Day and Wednesday also look like being up on last year.

"Although there was a lot said about how the shops might suffer, we haven't found that at all. Far from it, in fact."

Tim Sleep, of consultants Ernst & Young, said there was intense competition among traders, and added: "The last two or three years we've seen more and more pre-Christmas discounting.

"But it's a tactic, along with many others, that retailers are using to drive customers through their doors."