Read on for your financial hangover cure

For those people suffering from a financial hangover as we enter 2008, a remedy is on hand in the form of swapping to a cheaper credit card.
 
This advice comes as the Abbey reveals their research indicates that more than 3million people are expected to transfer credit card debts of almost £9billion.
 
The most likely candidates to transfer their balances onto better deal cards are those in the 35-44 age range. Their data shows 11% of this age group have plans to swap cards compared to a mere 3% of over 65s.
 
There are some terrific 0% deals on offer, however always check the cost of the actual balance transfer when you are swapping from one card to another. Moneyexpert.com deduced that credit card companies on average have increased the average balance transfer fees by roughly half a percentage point. This would bring the figure to roughly 2.67% in the time that regulators have forced them to reduce their default charges.
 
At present there are roughly 160 cards offering to transfer your balance with fees from 1.75-3%. Approximately 90 cards charge a set fee of 3% regardless of balance amount. Do not be put off by this, calculate the cost to swap cards and then offset it with what it would cost you with your current provider over the same time frame and you may be surprised at how much you will save over the time specified.
 
Moneysupermarket.com cite the example of transferring a £2,000 balance to a 0% balance transfer card instead of continuing with an existing credit card carrying a typical APR of 15.9% and paying only the minimum amount required each month for the next year. This particular consumer would still save £220 over the year, even after deducting a transfer fee of 2.5% (which works out at £50).
 
Cards vary over how long they will offer 0%. They range from a matter of months through to April 2009. It is really important to remember to clear all your debt by the end of the agreed 0% time frame, or you will automatically resort back to the standard APR which on average is 15.9%, thus undoing all the hard work you have done to minimise any additional costs in the first place.
 
Let us not forget those people who clear their balances every month on time. Can they benefit from any special offers? Well, they could benefit from a card offering money back depending on the amount spent. For example, the American Express MoneyBack Credit Card offers an introductory 5% cashback for 3months, on spending up to £4,000. After this, the standard cashback is 0.5 per cent on spending up to £3,500 per year, and 1 per cent on spending between £3,501 and £10,000 a year. On any spending over £10,000, you will receive cashback of 1.5 per cent.
 
This card is ideal for anyone who methodically clears their monthly balances, and may prove to be an asset in the January sales, however if there is a chance you may not be able to clear your balances, select another card since this carries an APR of 18.9% on outstanding balances.
 
Shopping around will enable everyone to find the most appropriate deal for their own personal and unique situation. Some folk will benefit greatly from 0% interest for a number of months, for others, cashback or tokens for certain shops will appeal, then there are those who would prefer offers on travel insurance or road cover.
 
Whatever your situation is there will be a deal out there for you, just look for it and remember to always read the small print and ask any questions you may have.