Debt free 2008?

If you have been putting on too much debt over the Christmas period you may need expert advice to get your finances back into shape.

That is according to the Fair Investment Company, which is urging Brits to check they are getting the best rates on their loans, credit cards and energy bills to make 2008 the year to go debt free.

James Caldwell, director of Fair Investment Company said: "Worrying about money is one of the biggest causes of stress and unhappiness in the UK, especially after a period of heavy spending such as over the Christmas season.

"However there are plenty of ways to impact your budget like finding a more competitive energy provider or mobile phone service which could certainly help curb your monthly outgoings."

Mr Caldwell says a lot of saving money is common sense, but there are still some important steps to be made save money on debts.

"Keeping a record of your incomings and outgoings helps you to see where you can save and by writing out a budget and sticking to it will certainly make a difference to the household spend," Mr Caldwell explained.

"One simple tip for credit card users is to make sure you are not paying unnecessary interest charges.

"Switching credit cards to zero per cent for balance transfers can provide you with more time to manage your finances.

"There are lots of good deals about at the moment but it is worth remembering that many of these are introductory offers and you need to check what the APR is when the deal period is up as well as checking how much you will be charged for transferring your balance before you move.

"Some cards offer zero per cent for the life of the balance transferred, but look out for card providers who operate on a 'minimum monthly spend' clause. If don't meet this spend, you may have to pay the standard rate of interest on everything."