COMMENT
Avoid A New Year Debt Hangover

Don't tell me! You haven't even started Christmas shopping yet - even though the big day is looming large?

If you're nowhere near the finish line yet, then you're not alone. According to Sainsbury's Bank, 17.8 million people (38% of adults), intend to finish off their Christmas shopping on Christmas Eve, spending around £1.3 billion - the equivalent of £55 million an hour or £900,000 per minute!

(Some people will even be shopping on Christmas day! Barclays say that last year £9.5 million was spent on Barclays credit and debit cards as seriously disorganised shoppers sprinted out to buy forgotten essentials.)

The fact that you're cutting it fine doesn't mean you should take your eye off the ball with your spending though. The worst way to do your Christmas shopping is at the last minute, in a panic, with a pocket full of credit and store cards and no idea of what you want to buy. Take the time to make a list of what you want and then head for the shops to get exactly what you need. You can still stick to a budget even if you're trying to shop in double-quick time.

If you choose to use the short-term credit available on your credit card make sure you have a clear idea of how much you can afford to borrow, and when you plan to repay it. Keep track of what you spend — keep receipts or print-outs from purchases so that you can check them against your statement when it arrives in January.

And finally, before you set off, take this quiz from the Citizens' Advice website to find out what sort of shopper you are. If the results aren't good, they may serve as a reminder to you keep your spending in check as much as possible over the next 24 hours.

Find out more about getting out of debt.