January is the perfect time to sort out debt and manage personal finance, it has been claimed.
Debt counselling service Thomas Charles has announced that although Christmas can be a difficult time financially, it is "psychologically the right time".
James Falla, director of the firm, recommended that people in debt should budget and plan their outgoings in advance by using a spreadsheet.
"Start by putting some money away," he added. "It sounds very simple but in fact the amount of people that don’t do that is quite considerable."
Mr Falla advised people struggling with their finances to always save money at the beginning of the month rather than the end.
Research for Thomas Charles by YouGov found that 15 per cent of Britons are in debt of over £10,000, with men owing more than their female counterparts.
It also revealed that one-quarter of Britons will avoid spending on their credit cards this Christmas.