With Christmas approaching faster than a speeding train, almost five million people are still trying to get out of debts that they ran up last year.

More worrying is the news that around three quarters of Brits are short of money to pay for this year’s festivities, so could be walking into a further ¬¨¬£8billion hangover.

The survey by Money.co.uk also shows that a third of us are worried about the overdrafts and credit card debts that this Christmas will bring, and only 15% of those questioned had made an effort to save up for the season’s spending.

As a result, 85% of people could end up developing serious debt problems if they overstretch themselves on their store cards and other credit streams.

Chris Morling from Money.co.uk said: “You have to worry about the effect all this last-minute spending will have in January.

“Many people are likely to be very short of cash going into the New Year – not a great start.”

Ivan Cooper, Chairman at debt management experts Chiltern, said: “In the current climate, taking on any more credit than you can realistically afford is a dangerous game.

“Yes, it’s nice to give presents and be part of the festivities, but more important is ensuring that once the dust has settled you can still afford to live happily.”

The best way to avoid debt problems around christmas is to take a serious look at your current debt management and see if you are spending more than you have coming in.

For people who are struggling with their debt management problems, a professional solution may help relieve debt stress immediately.

Reputable debt help companies, like The Debt People, Hamilton Locke and Chiltern, offer a number of professional debt solutions.

These include Debt Management Plans (DMPs), Individual Voluntary Arrangements (IVAs), Trust Deeds amongst others. Debt Management Plans, IVAs and Trust Deeds enable repayments towards multiple unsecured balances to be gathered into one manageable payment.

For immediate debt advice, or to learn more about debt management solutions, please call the number at the top of this page.