Consumers have been urged by a charity to budget for the new year in an effort to pay off existing debts.
The Consumer Credit Counselling Service (CCCS) has stated that people should also resist the temptation to go to sales in January and focus on improving their credit card debt situation.
James Ketchell, a spokesperson for the body, also said that consumers should map out how they intend to pay off debts and follow the plan closely.
"The most important thing, really, is to set oneself a timetable for repaying any credit card or store card debt that people have gained over the Christmas period," he explained.
"But then, if you're having trouble dealing with that then the best thing to do would be to seek independent advice from an organisation such as ours."
Mr Ketchell's comments have come after research by chartered accountancy firm Grant Thornton found that 10,000 people a month are likely to become insolvent in 2008.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.