Important to note is that GRINCH, in this guise, actually stands for `Generation Recognised In Need of Credit Help`. One third of those under 35 have reported feeling pressure to take on debt to fund their festivities this Christmas, leading to them being far more in danger of making choices that `could lead to a far from festive future`.

According to a survey by The Co-Operative Electrical, over 50% of people between 24 and 35 do not know how much interest they will be charged on the credit facilities they agree with creditors.

They are also more than twice as likely to have been turned down for an overdraft or loan - and around one in three would be prepared to borrow on credit cards if that happened.

Around one in ten would turn to payday loans, home-collected credit or doorstep lenders who are not authorised. Under 1% would turn to their community credit union.

Advice4debtNI have compiled a festive fact sheet of tips to help minimise the post Christmas debt burden.

If you are anticipating financial problems this Christmas, or should you be finding it difficult coping with your current financial position, please contact Advice4debtNI, free and confidentially on 0800 917 4607