While most people can look forward to Christmas, there are those who dread its seemingly ever-increasing costs. There is no doubt the demands on household budgets can be extreme at this time of year, especially for those on low incomes, pensions or benefits, as the pressure to take part in the annual shopping spree mounts.

The clarion call to spend, spend, spend can be hard to resist and many buckle under such an onslaught, resigning themselves to the fact that there will be hefty bank and credit card bills to pay in the New Year. That may not be a pleasant prospect but the financial pain is usually bearable for most.

It is a different matter altogether for those who cannot get loans from the usual sources. For them, credit often means borrowing from firms at sky-high interest rates - some above 200 per cent APR. At best, that means paying much more than the going rate for credit. At worst, it means years of payments for a debt they cannot hope to clear.

Loan firms must take their share of the blame, for while profiting from others' misfortune may not be against the law, it is not admirable. The Government, too, stands accused of not getting to grips with an area ripe for legislation to curtail its excesses.

But we also must take responsibility for ourselves. Ultimately, people must realise that going into debt for 12 months or more to pay for just one day does not add up.