Start Christmas debt planning now

According to the website, this could even translate into nearly £6,000 of annual savings, such as through the intelligent management of credit card debt.

“A family with a typical financial portfolio could save £967.35 in time for Christmas, or £5,646.11 over a year,” said Stuart Glendinning, managing director at moneysupermarket.com.

“Many people find the Christmas period costly, so the last thing they’ll want is to be strapped for cash come the festive season. A bit of planning now means they can make some significant savings in time to relish the festive season,” he added, urging debt management.

The website warned that while users may take out store cards for short-term benefits, in the long term they invariably charge uncompetitive rates of interest in comparison to many credit cards.

Through careful control of credit card debt, families can thus ensure they have a jolly Christmas and not face the new year with huge bills.