Millions still paying for Xmas 2006

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Research has found 10% of adults - the equivalent of 4.4 million people - have yet to pay back all the funds they borrowed during the festive period in 2006, according to the financial comparison website MoneyExpert.com.

A survey commissioned by the online site found 14% of those aged 35 to 44 were most likely to be suffering a financial hangover from last Christmas.

Women (11%) were also more likely to still be paying off 2006 debts compared with men (8%).

The website said that someone carrying a balance of £1,000 from last Christmas will have spent about £169 in interest over the year if their rate was 16.9%.

Sean Gardner, chief executive of MoneyExpert.com, said: "It is not time to cancel Christmas but for millions of us it really is time to cancel some credit cards.

"We can all give into temptation at Christmas and put it on plastic but if the debt lingers from year to year you're starting to get into trouble. Borrowing money is fine as long as you have a repayment plan.

"Unfortunately it appears millions of us do not. And with lenders getting tough that is not a good position to be in. If you've not cleared the debts of Christmas past it is time to face up to the future."

The online survey of 1,978 adults found 54% did not get into any debt last Christmas or paid it off in a month or less.

Another 9% took between two and five months to clear their festive spending while 3% took two months to clear their debts, 3% took three months, 2% took four months and 1% took five months.