9 January 2008
People who spent more than they could afford at Christmas are struggling in the New Year, the government admitted today.
According to a study, conducted by the Department for Work and Pensions (DWP) in conjunction with Jobcentre Plus, 55 per cent of Britons overspent in the festive period.
Many will have taken out personal loans and credit cards in order to fund the expenditure, putting themselves at risk of spiralling debt.
Susan Clark, Personal Adviser at Jobcentre Plus, advised people to take charge of their finances in the New Year.
"Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful," she said.
"Short-term fixes provide temporary relief but getting a job is the best way to improve your financial situation in the long-term."
Accountants Grant Thornton released a study earlier this month, forecasting a record number of personal insolvencies for 2008.
The UK's total personal debt stands at just under £1.4 trillion, as of October 2007.
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