The Co-operative Bank has released its suggestions to help consumers avoid a festive financial hangover.
Advice includes not letting debt build up over the holiday period and asking people to consider consolidation loans as a way of getting a better debt management deal.
More basic advice includes telling high-spending consumers to hide their cards so there is no chance of adding to debts that may already exist.
Longer term solutions are also pointed to, including working out a budget to accurately assess income and expenditure.
"People often make resolutions at this time of year, and it is the perfect time to make some serious decisions about your financial future,” said Sheila Macdonald, chief operating officer at the Co-operative Bank.
"Taking simple steps, like transferring to a credit card provider that offers a cheaper borrowing rate than your existing provider will save you money if you don't pay off your balance every month.
"You should also consider consolidating credit card debts by taking out a personal loan, which gives you fixed repayment terms. Long term, by putting some money away each month into savings, you can soon build up a tidy sum."To find out more about personal loans, click here.
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