More than one in seven people are still struggling to pay their Christmas debts in March, according to new research.
Excessive Christmas spending is now thought to cause debt woes into the spring, say the results of a survey of over 2000 people’s attitudes towards festive shopping.
It showed that 15 per cent will struggle to pay household bills in February, seven per cent in March and five per cent in April.
To try and avoid the stresses of impending large bills, 11 per cent of people in the UK sell personal belongings to improve their financial situation and over a fifth dip into their savings.
Women have more financial burdens than men
The study also identified that women had more financial burdens after the festive season than men, struggling more to pay bills and being more inclined to use their savings to pay off looming debt.
A massive 71 per cent of people are short of cash after Christmas, with those aged between 25 and 44 struggling the most to pay their January bills in comparison to any other age group.
The research also highlighted that those aged between 18 and 24 were the most likely to improve money troubles by using up their savings.
For most people surveyed, Christmas shopping begins in October, with those aged 55 and over proving the most organised for the festive season, beginning their shopping in July.
How to manage your money
Katre Kaarenperk from Peachy.co.uk, which commissioned the survey, gave her top tips on how to banish Christmas debt woes, “Firstly, do not ignore impending bills, be honest with yourself about your finances.
“Create a list or spreadsheet document, note down when the final balance is due and for what company, prioritising to pay off the loans with the highest interest first.
“By consolidating debt under one single card it is simpler to manage and you can often find better credit rates. The key to being debt free is to create a budget plan and stick to it, only spend money on non-negotiable expenses such as food shopping and mortgages and resist temptation to splurge on luxuries.
“Wait until your debts are cleared and your savings are replenished before starting to make disposable purchases again.
“Beginning to budget and possibly save for Christmas 2019 now can massively help in averting financial strain next January.”