Almost half of those who acquired Christmas debt last year will not be able to afford to repay the full amount within one month, according to new research by Sainsbury’s Finance.

The report claims that 56% of Brits, the equivalent to 23.15 million people, will struggle to clear their Christmas debts by the end of January. 14% could still be hanging onto Christmas debt over the summer months, as they believe that it will take them four – six months to repay this debt.

Donald MacLeod, head of cards at Sainsbury’s, said: “A year is a particularly long time to still be paying for festive debt so if you think it’s going to take you a while its worth taking stock and coming up with a plan for managing it.