card customers still haven't paid for last christmasThe most expensive season of them all may now be in full-swing for another year, but some 4.4 million card customers still haven't paid off their debts from Christmas 2006, according to a new report.

MoneyExpert.com has said that ten per cent of adults still have bills hanging over them from last Christmas.

While such debts increase the likelihood that borrowers will have to look for bad credit mortgages if they want to buy a home of their own, MoneyExpert has said that they also indicate that some should consider canceling their cards.

"We can all give into temptation at Christmas and put it on plastic but if the debt lingers from year to year you're starting to get into trouble. Borrowing money is fine as long as you have a repayment plan," said MoneyExpert.com chief executive Sean Gardner.

"Unfortunately it appears millions of us do not. And with lenders getting tough that is not a good position to be in. If you've not cleared the debts of Christmas past it is time to face up to the future," Mr Gardner added.

Last month Deloitte estimated that the average UK resident will spend £706 on Christmas this year.

Have you been refused a loan? We can help you consolidate your credit card debts by remortgaging. Submit your details here

Mortgage Man Blog