RUNCORN, England — As many individuals across the UK are developing plans to lose weight gained from overindulging on holiday treats, countless others are worried about shedding off excess debt from a season of holiday shopping. January and February are the months when bills for gifts and other holiday expenses arrive, and those bills could be a shock to many of the shoppers.

"Many people have a set budget for their holiday shopping but end up going overboard once they get to the shopping centre," said Steve Rhode, chairman of Myvesta UK, a financial crisis centre. "Usually that overspending ends up on credit, which can get very expensive if you don't have a solid plan to pay everything off."

For example, if Christmas shopping bills of £750 were paid by a credit card with an 18% interest rate and only the monthly minimum payments are made, it will take 14.5 years to pay off and cost an additional £1,181.25 in interest payments. But if a payment of £75 is made every month, it will only take 11 months to pay off the debt and cost £68.72 in interest payments.

"The most important thing is to develop a plan to get rid of that holiday debt quickly so you're not still paying for last year's gifts when the next holiday season comes around," Mr Rhode said. "If you need to find some extra cash to pay down your holiday debts faster, track your spending for a month to find out where your money is going. Then you can identify places where you can cut back."

Information on dealing with Christmas shopping debts can be found at Myvesta.org.uk online. The web site offers resources including publications, debt management calculators and debt discussion forums as well as online audio and video clips that discuss debt solutions.

Consumers can also discuss their situations for free with Myvesta's Senior Debt Advisors through an online chat facility at Myvesta.org.uk or by calling free on 0800 1116 885.