There are a number of options available to people who find they have overspent this Christmas, it has been claimed.

Debt counselling service Thomas Charles has announced that taking advantage of zero per cent balance transfers or consolidating a number of credit card debts into a personal loan can be effective ways of getting out of debt.

James Falla, director of the firm, explained that these options are only successful if consumers cancel their credit cards after clearing them.

"It's the ones who have done the balance transfer and the consolidation loan but not changed their attitude to spending who get themselves into trouble," he said.

Mr Falla advised those who still find themselves unable to manage their debts to choose a more formal debt plan such as an individual voluntary arrangement - a formal agreement between the borrower and their creditors.

Lloyds TSB recently reported that consumers are estimated to overspend by £4.7 billion this Christmas.

© Adfero Ltd