The turkey's long gone, the tree's been recycled and the decorations are back in the box. But any day now, your credit card bill for all the festivities is going to land - are you prepared?
If you're one of the near seven million UK adults who funded Christmas 2010 with a credit card, then you're probably bracing yourself for the bill.
Yet moneysupermarket.com research shows that just 11% of people who covered costs this way used a card that offers a lengthy 0% introductory period on their shopping.
That means that millions of you are about to start paying a steep average credit card rate of 17.32%, which is up 0.85% on last January.
Even more worryingly, research from Santander shows that 3.6million people still owe an average of £303 each from Christmas 2009.
So how can you clear your festive hangover once and for all? The answer is simple: with a balance transfer card.
Beat the balance
By transferring your debt to a card that offers 12 months or more at 0%, you're able to stop paying interest on your outstanding balance. Instead, all your repayments can go towards clearing the total, helping you shift your debt more quickly.
According to Santander, more than 2.8million credit card holders will use a balance transfer card to move a total debt of £2.8billion onto new credit cards this year.
Each will transfer an average of £1,015, saving themselves an average of £175.80 in interest over 12 months.
The good news is that the length of promotional rates on both balance transfer and purchase credit cards is at an all-time high.
The current average promotional length for balance transfers currently stands at 16.2 months, an increase of one month compared to January 2010.
But Kevin Mountford, head of banking at moneysupermarket.com, warned: "Once your promotional period ends, you will be paying more in interest than last year.
"Anyone transferring a debt on to a balance transfer card should aim to pay off that debt before the promotional rate expires otherwise you will be hit by much higher interest charges, likewise if you are using a purchase card to take advantage of the 0% offer."
The best balance transfer cards
So where are the best deals? The market-leading offer just now is the Barclaycard Platinum Balance Transfer card, with 17 months at 0% for a 2.9% fee.
Once the 0% period ends, you're charged an annual percentage rate (APR) of 16.9%, but you do have a decent length of time to clear the debt.
Next up is the MBNA Balance Transfer Credit Card, which gives you 16 months at 0% for a 2.88% fee. Once that introductory period is over, you're hit with 16.7% APR.
The Virgin Credit Card also gives you 16 months at 0% on balance transfers, for a fee of 2.89%. However, the APR is slightly higher, at 16.8%, once the interest-free offer finishes.
After that, both Clydesdale and Yorkshire banks will give new customers 16 months at 0% on transferred balances, but the fee is slightly higher at 3%. The typical APR on these cards is 16.9%.
Will you qualify for a top card?
These cards are the very best balance transfer offers out there, meaning not everyone will qualify.
It's always worth checking out your credit score before you apply for a new card, as making unrealistic applications results in rejections. Each application you make means another search is logged on your credit file, which can further damage your score.
Other options
Perhaps you don't believe you could clear your credit card debt in time. If that's the case, you may want to consider a card that offers a long-term low rate.
The best example is the Barclaycard Platinum Simplicity card, which charges no balance transfer fee and offers a typical APR of just 6.8%.
You could also consider consolidating your credit and store card debt onto a low-cost loan, although you will then lose the flexibility you had over payments.
There's been real movement in the loans market since Christmas and now the cheapest loan rate available is an incredible 7.2% - much lower than the average credit card APR.
Alliance & Leicester, and Santander both offer this rate, while Nationwide has a next-best rate of 7.3%. If you borrowed £7,500 over five years at this rate, you'd pay £148.74 a month, meaning total interest of £1,424 over the term.
The Nationwide rate is a moneysupermarket.com exclusive, while Santander and Alliance & Leicester don't offer that top rate through their own websites; you have to apply through a site like moneysupermarket.com.
By Felicity Hannah, deputy editor, moneysupermarket.com
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
