More people than ever have started the new year with a ’debt hangover’ due to overspending at Christmas.

The Isle of Man Office of Trading’s debt counselling service says that it received a record number of 177 new clients throughout 2017, with 49 people asking for help within the last three months of the year.

Chief inspector of trading standards at the OFT John Peet told the Courier: ’From the start of 2013 up to the end of 2017, the highest number of new clients seen by the OFT’s debt counsellors in a quarter was 49, which was in the last quarter of 2017. The lowest was 27, with the average being 39.

’The number of new clients seen throughout 2017, at 177, was the highest since 2011.

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’Debt owed on credit cards continued to make up the single most significant proportion (26%) of the cumulative debt (just over £2.6m) owed by new clients in 2017. This has now been the case for 13 consecutive years.’

Bad budgeting has been named as the ’most significant debt trigger’ for new clients.

’There is no concrete evidence that food inflation is having a negative impact,’ he added.

’However, while going through clients’ expenditure with them, our counsellors have come across situations where clients have reduced their food shop in order to cover non-priority debt payments such as credit cards and catalogues.’

The OFT is concerned that more people are likely to struggle in 2018, having spent too much during the festive season.

The chairman of the OFT, Martyn Perkins MHK, said: ’Credit card and other debt can be very stressful and worries are best tackled before they become a bigger problem. I would encourage people to seek advice early and visit our debt counselling service if they are worried that they may be overstretching their finances.’

This year the Foodbank gave around 200 additional bags of food during Christmas to clients asking for assistance.

Director of operations Neal Mellon said: ’We are yet to process our figures, but we’re concerned about the impact of decision making at Christmas and in the lead up to the occasion.

’At Christmas we give parcels containing three bags. One with all the essentials, the second has Christmas treats like mince pies and the other with fresh vegetables.’

The charity provides emergency food support to people in crisis.

The OFT offers a free and confidential debt counselling service. Visit the website https://www.gov.im/oft/money/, email [email protected] or ring 01624 686510.

You can also phone the Foodbank on 07624 311550.