21 December 2005
An estimated 2.4 million people in the UK have yet to pay off debts incurred last Christmas, according to new research by debt counselling firm One Advice.
Another 1.7 million people took between six and ten months to get their finances back in the clear, with some 687,000 people only just paying off their festive loans in November of this year.
The research found that people aged 45-54 were most likely to still be in debt, with one in ten yet to pay off last Christmas' balance.
The demographic next most at risk was the 25 to 45 age group.
Chris Holmes, chief executive of One Advice, said: "People need to ensure that they enjoy the festive season without leaving themselves with a huge financial hangover in the New Year."
He added: "Those that do have serious financial problems should seek professional advice as soon as possible because the longer they leave it, the worse it becomes."
One Advice also encouraged debt sufferers to cut back on expenditure this Christmas.
Use uSwitch.com's free and impartial loan comparison calculator to find the loan to suit you.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.