In a poll conducted by the Department of Work and Pensions (DWP), more than half (55.4 per cent) of consumers claimed that they are struggling to manage with the various demands on their money in the wake of the Christmas and new year period. However, spending difficulties may be pronounced for a significant number of Britons over the next 12 months, as only an estimated 44.6 per cent appear to be planning their finances for 2008 so as to avoid debt difficulties.

In not keeping track of the various fiscal demands that they may face, it is possible that numerous consumers may discover that their capacity to pay the likes of personal loans, credit cards, utility and grocery bills comes under pressure.

Findings from the department also revealed that those living in London may discover that they are most able to manage the differing constraints on their spending as about half (49.5 per cent) are aim to plan their finances. Meanwhile, 48.5 and 48.4 per cent of people from the south-west and south-east of the country respectively are looking to get to grips with their financial management over the next 12 months.

Commenting on the study, Susan Clark, personal adviser for Jobcentre Plus, said: "Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful." She went on to warn consumers against opting for "short-term fixes" as a solution to their debt difficulties, but instead to take steps to improve their overall monetary standing for the months and years to come.

On the other hand, it appears that financial pressures will be the most intense for residents in the north of England. According to DWP, just 38.7 per cent of people from the north-east are looking to plan their spending, with the remaining two-thirds (61.3 per cent) stating that they might struggle. In addition, less than four in ten consumers in the north-west will prepare their money management for the course of this year. Levels of financial management appear to not get much higher north of the border, as only 41.4 per cent of Scots look set to organise how they will get to grips with their spending in 2008. An estimated 58.6 per cent, however, believe that they are due to struggle. Welsh people planning out their expenditure, meanwhile, account for 45 per cent.

For both sets of people - either those who believe they are set to struggle with spending for the next 12 months, or are looking to plan their finances effectively - a low-rate debt consolidation loan might prove effective. Choosing such a form of borrowing might leave consumers with more disposable income as they will only be required to make one low-cost payment each month. Speaking last month, David Kuo, head of personal finance for the Motley Fool, reported that a significant number of people may take steps to rein in their spending during 2008 and avoid being a part of the "relentless retail rush". His comments come after research from the firm showed that the average person spent just 30 pounds 48 pence on New Years Eve, despite its traditional impression as a night of partying and splashing the cash.