Have you been careless with your Christmas credit card spending? If so then you could be facing credit card debt for another seven years. According to research by moneysupermarket.com, if you have spent the usual festive spend of £376 with your credit card and you only make the minimum payment, then you will not become debt free until 2016!

Peter Harrison from the site recommends that your New Year Resolution should be tackling this debt as soon as possible: “They should try to transfer existing debt to a zero per cent balance transfer card and ensure they pay off this Christmas’s spending before they start on next year’s.”