They are among 3.3 million people still in debt as shoppers start spending for this year’s festive season.
Pay4Later, the provider of point of sale credit, carried out the research to find out what finance shoppers want from store groups.
Its nationwide study shows the average debt these shoppers are still paying off from Christmas 2013 is around £780 – but around 660,000 adults estimate they still owe more than £1,000 they spent last Christmas.
On average around 30 per cent of the debt was incurred on major purchases in stores funded by retail finance, the research shows.
People in London are the most likely to be still paying off Christmas debts, with 13 per cent of adults in the capital owing money from the 2013 festive season, while those in the South West of England are the most likely to have cleared last year’s festive debt.
Scott Law, CEO of Pay4Later said: “Consumer confidence is at its highest for a decade and shoppers are increasingly confident about borrowing money.
“But owing money on debts incurred last Christmas the following November is potentially worrying and people need to ensure they have an affordable plan of how they are going to fund debts before taking on new credit.
“Retail finance offers with set repayments over an agreed period enable shoppers to plan ahead and fund major purchases in an affordable way.”
The research shows that around one in 14 adults nationally (seven per cent) are still paying for last Christmas.