New research has revealed that 14 per cent of Brits are still paying off debts they accumulated over Christmas.
The study, carried out by the Halifax, reveals that those aged between 18 and 44 are having the most trouble clearing Christmas debts, with one in five still paying off a credit card, personal loan or overdraft. This compares to just 9 per cent of over-45s who are still in debt due to festive spending.
Analysis of the figures also shows regional variations. For example, just 9 per cent of respondents in Scotland said they were still paying for Christmas 2011, compared to 21 per cent in the North East.
Worryingly, 9 per cent of those surveyed said they would still be paying off their Christmas 2011 debts by the time Christmas 2013 comes around. However, more positively, 18 per cent say their Christmas debts will be cleared by June this year, whilst 8 per cent will have paid everything off next month.
Anthony Warrington, head of current accounts at the Halifax, said, "We all face unforeseen costs from time to time, but Christmas shouldn't be one of them. If it's December before you think about how to pay for it, it's too late. Christmas is an expensive time of year as it is, but not budgeting for it well in advance can cost you more in the long run."