There are many people across the UK that will have run up unmanageable debts over the Christmas and New Year periods on their credit cards, overdrafts, via loans, and through taking credit from shops and catalogues. However, despite receiving bills and statements showing how much they have spent – or overspent as the case may be – many will simply bury their heads in the sand.

Industry experts are now urging those that find themselves in this situation not to start off the New Year with huge financial worries hanging over them. Whilst having run up large amounts of debt will undoubtedly cause stress there are many people who will suffer all the more by simply pretending that nothing is wrong and refusing to acknowledge the situation.

For those who do find themselves in a situation where they are unable to cope with their high levels of debt there are a number of possible solutions and a range of professionals that can offer advice and assistance, such as debt charities and advisors. However, it is vital that people who find themselves with debts that they can no longer cope with seek assistance as quickly as possible rather than waiting until the situation has spiralled out of control before they take any action, at which point it can be difficult to reach a resolution.

One industry expert said: “Although people should try and avoid running up debt over the festive season, for many it will already be too late. In this situation, consumers need to ensure that they assess their financial situations as soon as possible and where necessary seek advice and assistance from professionals who can try and ease the financial strain and stress.”

Tags: credit card, Financial Services, Christmas, huge financial worries, high levels, large amounts