More than half of all British consumers overspent during the Christmas period, according to a report from the Department for Work and Pensions (DWP).
Around 45 per cent of people planned ahead in 2006 to avoid debt management woes in the new year, but millions of families are struggling financially as a result of festive overspending, the department maintains.
In response to its own findings, the DWP has urged indebted consumers to reassess their finances and to form a plan that cold help them become debt free.
“Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful,” said Susan Clark, personal adviser at Jobcentre Plus.
“Short-term fixes provide temporary relief but getting a job is the best way to improve your financial situation in the long-term.”
The Citizens Advice charity recently called on regulators and money lenders to do more to stop the increasing levels of personal debt in the UK.