Over a fifth of Irish people (21%) are in debt in January because of overspending at Christmas, according to new research by One4all.

The financial strain of Christmas is even more significant for people with children, with 37% of those with kids between the age of six and twelve reporting that they run into debt in January after borrowing or using credit cards to pay for Christmas.

The research found that the financial pressure of Christmas causes one in three (34%) Irish people to feel anxious or stressed, with this figure increasing to 44% for those with children under the age of twelve.

One in three people (36%) claim that January is their least favourite month of the year. This finding is likely to coincide with the fact that people are socialising less following the hectic Christmas period, with over 41% of respondents claiming to cut back on social spending in January.

Source: www.businessworld.ie