Personal debt: how you can shred your borrowing this year

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Left with a financial hangover after the festive period? Here’s how to cut your credit card payments, overdrafts and loans

Friday was Twelfth Night (unless you subscribe to the idea it’s on 6 January), when we traditionally take down Christmas decorations. But while the baubles and lights may be back in the box, for many people their festive (over)spending will continue to cast a long shadow over their household finances for weeks, or even months, to come.

An estimated 7.9 million people are expecting to fall behind with their finances this month as a result of Christmas costs, according to research published this week by National Debtline, run by the Money Advice Trust.

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