There were further signs today, that this is a nation in which the habit of spending on credit is formed at a relatively early age, after a leading credit card company revealed that nearly half of all young people reckon they went wild on credit this Christmas, with most borrowers spending at least a couple of hundred pounds more than they would do normally.

The research, by credit card company Accucard, revealed that the almost 50% of 25 to 34 years old spent an average of £282 more on their plastic 'friend' than they had intended to over Christmas and during the January sales. This is small fry compared to the 13% of people - one in eight of us - who spent between £500 and £1000 more than they had planned to.

The generation gap in terms of people's willingness to take on credit, or failure to control themselves, is shown by the comparison with the over 55's, who overspent by an average of just £57. This compared to an overall average of £136 across all age groups, which added up to a collective overspend of a staggering £5 billion.

Women and men were equally bad when it came to blowing their budgets while southerners were more likely to have a higher credit card bill than those living in other regions. They overspent by an average of £172, compared to people in the north and Midlands who spent £93 and £117 respectively more on their cards than they planned.

Accucard believe that these bad habits could be very costly for some consumers, who will have to use up to 25% of their monthly income to pay off the overspend. A spokesman said: "It seems inevitable that people will overspend during the silly season, but what is worrying is that young people are getting in over their head by overspending on their credit cards. Younger people will struggle most as they are also likely to be trying to manage mortgage repayments for the first time or even saving for a deposit on a house."