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 Ten per cent of British adults face severe financial difficulties because they are still paying for last Christmas.
According to research by MoneyExpert, one in ten Brits has not cleared the debt amassed in 2006 and with interest rates having risen considerably in that time, it is clear that many people are heading towards financial difficulties.
One of the main concerns is that people will get further into debt this Christmas, putting themselves at risk of missing mortgage payments and facing repossession.
Commenting on the figures, Sean Gardner, chief executive of the firm, said that people need to take stock of their money in order to avoid financial difficulties.
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"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," he commented.
"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," added Mr Gardner.
Julian King of National Homebuyers, the UK's leading quick property sale firm that arranges fast cash for home purchases says, "People facing financial difficulty next year will find it hard to achieve a quick property sale.
"Fewer buyers in the market because of lending restrictions, increased fees and a general malaise about the market means a fast home sale is more difficult to achieve through traditional routes.
"Homeowners may want to consider Sale and Rent Back options until their financial position stabilises".
Sale and Rent Back - or Sell and Rent Back - is a solution that allows the homeowner to sell property quick for cash, while remaining living in their property.
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