Before Christmas, figures from Abbey Savings revealed that almost 60% of British residents planned to spend less at Christmas, and 42% planned to cut back on gifts for friends and family, The Financial Times reported. However, was this actually the case?

Recent research by over-50s group Saga found that credit card holders will take an average of 90 days paying off the debt they built up over Christmas – suggesting that after spending an average of £435 on presents, many consumers have realised they spent more than they expected to.

An IVA expert for the IVA Forum commented: “Credit cards can be a useful way to spread costs. However, unsecured debts can quite easily become difficult to manage, and we would advise anyone who is struggling with their debts to seek advice immediately.”