Almost a quarter of people in Scotland will find themselves in debt as a result of this Christmas.
24% of Scots say they are expecting to end up in debt this year compared to 17% of English people and 20% in Wales.
A survey carried out by ScotlandDebt.co.uk found that being the most generous spenders at Christmas is having a negative affect on many people in Scotland.
As 13% expect to spend over £1,000 this year, 62% admitted to overspending during the festive season.
The debt advice charity say the figures are worrying:
"That a quarter of Scots will get into debt this Christmas is very concerning. We don't advocate everyone stopping spending altogether and we all know that circumstances can cause temporary cash shortages, but we want people to think hard about how much credit costs people in Scotland, and how long after the New Year they will be paying for their Christmas festivities."
Scots are are the most generous Christmas spenders in Britain.
A recent survey by ScotlandDebt.co.uk found that 13% of Scots plan to spend more than £1,000 this Christmas whilst only four per cent of English people and eight per cent of people in Wales are planning to spent the same.
Scotland is also expected to have the highest average spend this festive season at £611.
However the debt advice charity is concerned by the number of people who could be getting themselves into debt to meet the expensive demands of Christmas.
The Department for Business has issued a statement after the release of a report today that concluded that the number of people relying on quick, high interest loans is rising.
The Government is currently looking at whether any action needs to be taken to address the problem, and about what action it might take.
Read the full statement from them below:
"The Government is concerned about problems in the high cost credit sector and is determined to address these, particularly for the most vulnerable people.
"The Office of Fair Trading have been conducting a compliance review of the payday sector and are due to issue their final report shortly. We strongly support any enforcement action they take forward and the steps they will take to improve standards across the sector."
– Spokesperson for the Department for Business
"Our intention is for the new Financial Conduct Authority to be given responsibility fo regulating consumer credit from 2014. This new regulator will have a diverse range of powers to address problems across all consumer credit markets.
"The Government is currently considering whether other action may be needed in the high cost credit sector."
The number of people relying on quick, high interest loans is rising. The Centre for Responsible Credit says companies should share information about customers who are already in debt. The change would protect low income borrowers from irresponsible lenders.
Kath Simms and Kath Carter, both from Stockton, have stuggled with loans for years. They told ITV how easy it is to fall into financial ruin.
Two Stockton mothers are warning others of the risks of taking out taking out high-interest loans. They say vulnerable people are being targeted by companies who knock on people's doors and are becoming 'the norm' and 'a credit line' for those who find it difficult to live within their means.
Teesside debt charity Thrive supports hundreds of people with cash problems.
Community organiser Greg Brown says, “We try to advise people on alternatives to high interest loans. We encourage people to stick up for themselves, challenge lenders and get what they are entitled to. We know what rights people have and help send people on the right way.”