Brits urged to clear Christmas debts quickly

British consumers have been urged to find a debt solution as soon as they can after the Christmas period is over.

Millions of people borrow money to finance their festive expenditure and Susan Hammuns from the financial advisory firm AWD Chase de Vere insists that clearing debts should be a priority for many consumers in the new year.

“In the majority of cases, the interest rate on your debt is probably going to be higher than any interest rate you will earn on your savings, so ultimately you should be thinking about clearing that debt as quickly as possible,” Ms Hummuns remarked.

The finance expert also suggested that by saving any as much money as possible throughout the year, UK consumers can avoid any serious debt management difficulties after Christmas.

Earlier this month, the Citizens Advice charity urged consumers across the country to plan their finances carefully in the run up to Christmas to “avoid a debt hangover”.