Season's greetings – with a stack of debt

Around 30 per cent of people expect to borrow money this festive season, with the average person likely to end up 370 in the red, according to shopping website VoucherCodes.co.uk.

The typical person expects to spend just under 490 on Christmas this year, around 261 of which will go on presents for friends and family.

A third of people said they planned to sell some of their possessions on eBay in order to cover the extra cost, while 28 per cent will work additional hours or get a second job.

Duncan Jennings, co-founder of VoucherCodes.co.uk, said: "People sometimes forget that presents aren't the only expense – party outfits, food, drink and kitting out your home for the big day itself all add up."