As many as one in five British consumers are still paying off credit bills associated with money borrowed last Christmas, according to recent research.
Figures compiled on behalf of the money saving website Savebuckets.com show that more than 40 per cent of people went into the red in order to fund their festive activities last year.
Considerably larger sums of money were borrowed last Christmas than was the case in previous years and during January the majority of people were still aiming to become debt free.
Marc Ames, marketing manager of Savebuckets.com, said: “Many Britons have struggled to pay off their credit card spending from last Christmas.
“With rising costs of living and interest rate hikes curbing spending power this year, it is likely that many will have to make cutbacks this Christmas.”
In late December last year, the Citizens Advice charity called on Britons to begin the new year with a “debt detox”, in light of the rising levels of debt management problems around the country.