Too much food and wine isn't the only reason for post-Christmas hangovers. Spoiling your loved ones like they deserve, and obligatory self-indulgence at the Boxing Day sales is a recipe for debt, and often lot's of it.
A survey undertaken by credit checking company, Veda Advantage, earlier this month revealed that more than 70% of Australians surveyed would use at least some form of credit to pay for their Christmas presents and more than one in ten would rely solely on credit.
Unfortunately many Australians struggle to pay of their abnormally high Christmas-period credit card bills within the interest-free period.
But we have some great tips for reducing that post-Christmas debt fast, and doing it fast is the key.
"Reducing debt can often be a 'one step forward, two steps back' type scenario. The quicker you can diminish the debt the less chance there is of it creeping back up on you and growing larger" - according to Rate Detective Co-Founder, David Kaplan.
"Given the current economic situation the last thing we all need is credit card debt hovering over us."
Rate Detective's top tips for reducing post-Christmas debt are: