Consumers won’t pay off their Christmas debt until April, according to research by Piggybank. Hefty spends on gifts, food, drink and more means the typical adult won’t clear their festive spends until 14 weeks into 2018.

On average those polled borrowed £398.19 either through loans or credit cards to cover Yuletide and everything which comes with it. Amid this, one in three borrowed more than they did the previous year – an average increase of 46 percent on their 2016 borrowings.

While one quarter revealed they are still repaying credit cards and loans from Christmas 2016. The research of 2,000 UK adults who celebrate Christmas was commissioned by PiggyBank a provider of short-term loans.

A spokesman for PiggyBank said: “As we know all too well Christmas can have a brutal effect on our finances. However many of us might not have considered how long it takes to pay everything off – a quarter of the year will have gone by before many of us can put our festive spends behind us. Debts accrued as a result of Christmas can make a massive effect on the subsequent months so it’s really important to budget ahead where possible and have a payment plan in place for any debt.”

More than one quarter borrowed money from friends and family to cover the cost of Christmas this year, while 52 percent used credit cards to help pay for everything. Around one fifth spent more on festive period than they did last year – on average 36 percent more.As a result, 43 percent spent less on themselves in the build-up to the festive period in order to have more money for Christmas.

Twenty-two percent worked overtime in order to have more money for the festive period and eight percent took on a second job. As a result of spending so much on Christmas, four in 10 believe January will be the most difficult month of the year financially. And almost half will rein in their spending during the first few weeks of the year.

Carried out through, research also found 46 percent of those polled didn’t put money aside for Christmas this year. Of those who did save, more than one quarter wish they had started saving earlier in the year than they did.

A spokesman for PiggyBank continued “Budgeting well ahead of time is key to avoiding financial difficulty in the long run. Debts taken on as a result of Christmas should always include an affordable plan to ensure that you can comfortably repay, ensuring you’re debt free for the rest of year and beyond. ”