Rising utility bills and the end of many fixed rate mortgages are set to make 2008 a tough year for people in the UK, according to a financial advice firm.
AWD Chase de Vere's savings manager, Susan Hannums, stated that it is "no secret" that next year could be a struggle for many consumers, so people should ensure they are sensible when using credit.
She added: "I think it is going to be harder to save, but the thing we need to drum in more than anything else is that we've got to start paying off and get away from using credit all the time.
"I think that's really what got us here in the first place so we need to think of other methods and hopefully turn things around."
Research carried out by Credit Action at the start of the year found that total UK personal debt exceeded £1.25 trillion at the end of November 2006.
The study also found that average household debt in the UK, excluding mortgages, stands out £8,765.
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