It's the New Year and most of us are trying to recover from massive hangovers. I'm not speaking about the after effects of too much partying, although this could well be the case. The hangover I'm referring to is a financial hangover.


Over the holiday season, Australians used credit cards like never before, with retailers recording one of their busiest years to date. Despite warnings from the RBA and business media, Australians went crazy this year accruing further credit card debt.


As it stands, Australians have more credit card debt per capita than our American counterparts and this trend is set to be rising. Following on from this is the effect personal debt has on inflation and interest rates leading many economic speculators to believe that the RBA will raise interest rates in February 2008. Other commentators believe if this doesn't happen the banks will surely raise rates themselves without an official rate rise, in order to mitigate the affect of the sub-prime disaster in the US.


So what's the cure for a financial hangover? The answer is simple, cut back the spending and pay off some debt. This is probably easier said than done but there are a number of debt management strategies that you can use to help.


Firstly, and most importantly you should look at your budget. A budget is necessary starting point so you know how much you earn, where you money goes and who you owe money to. Debt Fix has developed a fantastic budget planner located at and best of all, it's free.


Next, you need look at who you owe money to and how much is owed. If you are struggling, contact you credit provider and tell them. They will most likely suggest a repayment plan, but make sure it's affordable before you agree to anything.


Some people with more serious debt problems might consider using a debt solutions company like Debt Fix.


Debt Fix can speak with your creditor on you behalf and find solutions that are affordable and sustainable. When it comes to finding a debt relief solution, Debt Fix is expert in its field and when it comes to your debt problems, Debt Fix can give free, expert advice.


So why not look at 2008 as an opportunity to put your debt problems behind you and embrace a brighter financial future.