Over 60% of consumers are expected to clear their Christmas expenditure within a month but around 483,000 people will still be paying their debt after a year with a further 12% of respondents, to a recent survey, admitting they do not know when they will be debt free.

It is estimated that around 18% of Christmas spending was placed on credit cards with over 8.5 million people putting half or more of their festive spending on plastic.

Research has shown that women are more unlikely to pay their debt off swiftly. 71% of people, expecting to take a year to pay off the debt, were female.

Meanwhile, it is claimed that there is now a huge divide between the overpaid and the underpaid which results in many people's wages going up less than the cost of living.

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Article referenced from http://www.financenewsonline.co.uk/articles/Millions-of-people-clear-Christmas-debt-within-a-month-18428232.html