This April will mark a year since the Office of Fair Trading (OFT) forced providers to reduce their fines for late or missing payments from £20 plus to £12. Since then credit card companies have been sneakily introducing new credit card fees and increases to rates in a bid to recoup around £1bn in lost revenues. "It's important to review your credit card regularly to ensure youre getting the best deal," says Lisa Taylor, of financial data compiler Moneyfacts. "When your provider sends through revised terms and conditions take time to read the changes, as there is every chance your credit is costing you more."

With more than half of us overspending in December, paying all the bills this month can be a struggle. But did you realise that missing a bill payment could cost you much more than just a late payment fee and could even damage your credit record? Last year around 5.5 million people, representing 13% of the population, skipped a bill and ran the risk of damaging their credit record. Fortunately, late payments fees by credit card companies were restricted to £12 back in August 2006 but, as well as getting stung by fees, late or missed payments can hurt in other ways.

If your finances are in a mess after the annual Christmas binge, don't despair. There are 346 days to next Christmas - remember, 2008 is a leap year - so you have plenty of time to prepare for next year, and ensure that you don't make the same mistakes again.

JANUARY can seem like a long month when salaries were paid early in December and after a big festive splurge on the credit card. At the start of each New Year, the Citizens Advice Bureau is inundated with calls from people looking for advice on how to deal with hefty credit card debt. But there are a number of steps you can take to lighten the debt load.

If your debts are getting too much for you, it is not too late to make a New Year resolution to sort them out. Recent research from the debt consultancy Thomas Charles showed that 15% of the UK population is in serious debt. Meanwhile, a survey by the City watchdog, the Financial Services Authority, found that nearly half (48%) of debt-laden Britons are more likely to go on a diet or book a holiday than try to sort out their finances this month.

If you have a credit card with the Royal Bank of Scotland, Natwest or Mint, changes to the card small print will soon mean that the current 56-day interest-free period will be reduced to 45 before charges kick in. From January 1st, RBS that owns Natwest and Mint - is slashing the interest-free period available to many of its customers. But controversially, these changes will affect only those who pay off their credit card bill in full each month.

With less than a month to go before Christmas, shopping for gifts is a number one priority for many of us. But while the yuletide decorations may be up on the high street, just how prepared are you to foot the festive bill? The average consumer is set to spend around £380 on gifts this Christmas. And with sky-high interest rates on store cards, in particular, now is the time to make the most of the credit card deals available. You could even profit from a little Christmas spending!

This will be your first choice, because there are no strings attached. You sign up for the agreement, and make the payments until the end of the agreed term - usually no longer than 10 years, after which the loan will be paid off. The rate will be fixed at the outset, so you will know exactly how much you'll need to find each month to cover the interest and capital repayments. The deal you are offered will depend on your credit rating. Those lenders who offer a flat rate of interest will refuse to lend to borrowers unless they have a particular credit rating. Other lenders - those who use 'personal pricing' - tailor the interest rate they offer according to the borrower's credit rating.

How do you protect yourself and your personal data from ID theft and identity fraud? Abject apologies from the Prime Minister and the standard knee-jerk government reaction - set up a review; the Child Benefit Agency has lost the personal details of every parent who receives child benefit, including names, addresses, dates of birth, national insurance numbers, child benefit numbers and bank accounts. As a result, 25 million people are now vulnerable to identity fraud if the data on two discs falls into the wrong hands.

Yes! There are many ways to get a free copy of your credit report. As of Jan 1, 2004, due to the new FCRA Act of 2003, all credit bureaus will be required to give out one free credit report per year. They are rolling this program out slowly as the year rolls on. You can see when you are eligiable for a free report. Note: The Credit Bureaus are not required to give out your credit score for free. If you want to order your score in addition to your free report, most are charging about $5.95. The free reports are good for 30 days only, so make sure you print your reports if you get them online.