Now is an ideal opportunity for people to lower their levels of credit card debt, it has been suggested.
According to Moneyfacts.co.uk, January is the time of year when people are facing up to their borrowing during the festive season.
The firm claimed: “In the last couple of weeks thousands of people will have taken a sharp intake of breath when they realised the extent of their Christmas overspending as their latest credit card bills hit the doormat.”
Moneyfacts.co.uk claimed that in an attempt to become debt free people should also consider switching suppliers of personal finance products.
Earlier this month, Rachel Thrussell, head of savings at the institution, reported that it is vital consumers keep an eye on the rate of interest they receive on their savings account and ensure that they change providers in an attempt to get a good deal.
She suggested that those who do fail to do so could be missing out on hundreds of pounds every year.