If you're wondering what else you can do to balance the books, then you'll probably already know why it's so important for you to protect your credit rating.

Here's what you need to know.

1.    Always pay your bills on time.  It only takes a missed or late payment and you could be getting letters from your creditors, which can affect your credit rating.

2.    It's imperative that you pay your mortgage on time.  You need somewhere for you and your family to live.  If you have to prioritise make sure that you pay off your mortgage first.

3.    If you haven't done already, why not set up direct debits so that you don't forget to make payments.  You might want to

4.    Why not consider a cheap pay as you go phone so that you know exactly how much you're spending, after all, do you really need all the bells and whistles of modern phones?

5.    It may sound simple, but don't buy things you don't need!  You children will understand that you can't afford to buy them everything they want, and you don't really need a new wardrobe of clothes or nights out do you?

6.    Don't use your credit card unless you really need to, you'll find it easy to build up a balance or add to your existing balance unless you're very careful.  Pay it off each month if you can, and if you can't, always make more than the minimum payment.

7.    Don't change your car unless you really need to.  If there's nothing wrong with your existing car, and it still meets your needs, then keep it.  If you buy a brand new car it'll depreciate dramatically over the first few years, and you don't wan to take out car finance if you're already struggling.

8.    If you can afford to pay cash for something, then buy it, don't take out credit, or use the buy now pay later option.  If you really want something, then save for it.  It'll show your determination, and how much you want it.

9.    Don't bow to peer pressure or advertising and feel that you have to have a new sofa, or a better computer, or a more expensive holiday than you can afford.  The adverts will be tempting, and there might be some amazing deals, but

10.    if you're struggling to make ends meet, then paying your bills should take priority if you want to protect your credit rating for the future.  If you're struggling because you've taken out too many credit agreements, loans or have a vehicle on finance, then you'll need to pay these of first, before you take out any more.

Now you know more about you can reduce your spending, and why you should, perhaps you can think of more ways you can clear debt.