Skipton Building Society believe consumers can significantly reduce debt problems by saving for Christmas a year in advance.
The group have launched their very own Christmas Savers Account in the hope that more people will start financially planning better for the expensive festive season.
The special account can be opened with as little as £10 and the same amount must be deposited each month as a minimum to keep the account open. Withdrawals are not allowed until November next year meaning people have no choice but to save for Christmas.