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People should consider selling their unwanted Christmas presents to eliminate debt, according to one expert.

Some cash-strapped individuals may consider taking out loans to survive the post-Christmas season but Jasmine Birtles, founder of Moneymagpie.com, said that another solution is to sell unwanted Christmas gifts.

She said: "If you do [overspend at Christmas] the first thing that people should do, particularly in that boring bit between Christmas and New Year, is to really have a look at their finances."

Ms Birtles added that people should also consider switching their bills to cheaper options and look hard to make some extra money.

Meanwhile, research from Unbiased.co.uk found that although savings levels are continuing to rise, debt repayments are faltering somewhat.

It was also found that Brits repaid 10p of debt for every pound they saved in the third quarter of 2010 which is a drop from the 18p they paid back per every pound in 2010.