The pressure to spend excessive amounts of money during Christmas and new year means that people are much more likely to face hardship at the start of 2007, according to Chris Tapp, from money education charity Credit Action.
“The financial pressure in January is much greater than at any other time of the year,” he stated.
“So we do see an increase in the number of calls in January – but it tends to be a ‘fire fighting’ situation where people are in a bit of a pickle.”
Many organisations believe that Christmas is a time when people feel the problem of personal debt to be at its most pronounced, while the new year tends to be when spenders finally address their problem.
However, Moira Haynes, spokeswoman for Citizens Advice, said that while it is normal for people to sort out their personal finances at this time of the year, the growth in the number of people needing assistance is “alarming”.