Credit and loans 'can help in 2008'

As the dust settles on the festive period and most of the UK turns its attention to getting back on top of finances, various options are available to make life that bit easier.

That is the opinion of Sainsbury's Bank, which believes that now is the perfect time to start looking at the market for ways in which to sort out one's money matters.

"Now is the time of year to sit down and look at your finances. You've got all your Christmas spend out of the way, so you know what you've spent - your credit card bill will be coming in now," said Donald Macleod, head of cards at the bank.

"Appraise where you are and see if there's a better way of handling that debt; look at loans, look at restructuring, the zero per cent interest rates out there."

Mr MacLeod advised that, if they haven't already, people should make resolutions to monitor their outgoings and income. He also suggested that if people look at the credit card and loan deals on the market, there are many products that could suit their individual circumstances.

Research by Sainsbury's Bank recently found that 18 per cent of Christmas spending in the UK was done on plastic.