The financial advice website warns that consumers should not get too carried away as the Credit Counselling Service (CCCS) experienced 77 per cent more calls during Christmas in 2004 than any other time.

Consumers should also try to use the right type of credit card to pay for festivities, says moneyexpert.com.

Chief executive of moneyexpert.com Sean Gardner said: “If you are financing Christmas on plastic, be really choosy about how you do it. Store cards should be avoided if you don’t aim to pay off the balance straight away.

“Choosing the right credit card can be a good way to spread the cost of Christmas if you can’t pay it off in January. However, as always, it’s important to choose the right card for your needs as the wrong one can add to the cost of the holiday period in the long-run and can also cause considerable stress.”

The CCCS expects 20,000 calls in January since panic over debt normally kicks in after the festivities are over.

A spokeswoman told thisismoney.com: “The calls get a little depressed in December because people are spending, but they go through the roof in the New Year.

“We think it will be as busy as last year, if not even busier.”

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