RESEARCH by TSB indicates 2020 could be the first Christmas where most UK households stay in the black.

The bank, on Monday, said 62 per cent of Brits plan to fund festivities through their income, rather than take on debt.

This is in comparison to last Christmas where a whopping £6.6bn was borrowed.

However, despite planning to spend less, 61 per cent of respondents said they were determined to have a great time with loved ones.

One in four also feel worse off now than they did at the start of the pandemic.