Turn over a new leaf in 2008

The start of a new year is the perfect time for Brits to start taking control of their finances, one debt counselling service has advised.

Director of Thomas Charles, James Falla, has highlighted the importance of working out the simple sums related to managing one’s cash flow.

"If people are going to start sorting their finances out, this is absolutely the right time to be doing it," said Mr Falla.

He continued: "Understand what money is coming in and what money is coming out, so you can work out yourself what you should be spending."

Mr Falla went on to encourage people to take the option of saving for a desired item rather than choosing a personal loan, but stressed that this could only be done effectively with the use of a proper saving plan.

According to research carried out by YouGov, 15 per cent of Brits are in serious debt of over £10,000.