January is traditionally the time of year when debt counsellors are most busy as consumers are faced with hefty bills following large Christmas spends.
Nisar Afsar, a debt advice coordinator with the Family Welfare Association, says he has been taking calls from between 40 and 50 clients on people seeking his help over bills from money spent over Christmas.
He told the Bradford News: “Don’t think ignoring an outstanding debt will make it go away. Seek advice.”
Liz Revely, specialist services manager at Citizens Advice added that people who have overspent should not panic and bury their heads in the sand.
It was recently reported that rising levels of debt and booming house prices are forcing consumers to lease more frequently than to buy.
Research from the Future Laboratory suggested that the trend, which began in America, is likely to take off in the UK this year.