Our autumn years are meant to be a time of security and financial freedom; the kids have left home and we hope to put our feet up a bit more and indulge in some of those far-flung holidays we've always dreamed of.

But, according to recent research*, on average, we can't expect to escape the burden of debt until we are at least 50 years old...

...and even then we may still have a mortgage, because home loans aren't included in the figures.

The research showed that women are quicker than men at paying off their student loans, credit cards and other borrowing, freeing themselves of debt just after their 47th birthday. Men take an extra five years to pay their creditors; because they borrow more.

So, there is a male/female divide, but what about a north/south divide?

- Surprisingly, Londoners clear their debts fastest; at the age of 42 and 11 months.

- At the other end of the scale are the Welsh, who have to wait until they are 53 years and one month before they achieve financial freedom.

- Scots are around the middle of the table, ridding themselves of debt by the age of 49 and a half. Like the rest of the country, they pay off their creditors through a combination of earnings, investments and lottery and inheritance windfalls.

Hmm, well all of this may make your future seem rather daunting, especially if you believe in living for today.

But don't worry, as here are a few things that should help:

1. Overhaul your finances

Check all your bank, building society, credit card and loan statements so you can see how much you are spending, and whether any obvious savings can be made. You can also do the same with household bills, and then make sure all the paperwork is filed away carefully.

Look for small ways to cut your spending so you can clear your debts more quickly. For example, you may be able to take a packed lunch to work, give up your morning latte, reduce your gym membership or stay in an extra night a week.

2. Start saving

If you haven't already got a savings plan, start one. It doesn't matter how little you put in but try to make a regular contribution. If you think you will be tempted to plunder the account, use one with restricted access.

A good one to look at is the Reward Saver from Citi with a 6.28% AER.

3. Shop around

Your Money Matters suggests that up to £5,000 a year could be knocked off your average household credit bill, by shopping around for the best deals on financial products, such as insurance, credit cards and loans.

So get on the phone or online and start finding where you can make savings.

With energy prices on the rise this year, it's also worth visiting Energyhelpline, an energy price comparison site which matches your profile to available offers.

4. Get to know your credit report

Your credit report is a personal history of the credit you have taken out, such as credit cards, loans and mortgages, and your repayment record, including any court judgments against you.

Lenders use it to check that you make regular repayments and aren't overstretched, so it pays to make sure it's in good shape.

5. Set yourself a goal

There is no point taking stock of your finances without having a medium or long-term goal.

Decide where you want to be realistically in 12 months and 10 year's time and work out how you are going to get there.

Your targets could be as minor as paying off one of your credit cards or as big as saving for a house or a new car. Review your plan regularly to see how you're doing.

6. Don't lose your identity

Identity fraud is one of the UK's fastest-growing (and most annoying) crimes and it can take hundreds of hours to put right.

Because of this, you should take sensible precautions such as forwarding mail and notifying your bank and other lenders when you move, shredding personal documents before throwing them out, checking statements carefully and letting the police know if important papers are stolen.

The Government also recommends that you monitor your credit report regularly for suspicious activity.

If you're worried about ID fraud why not look at Checkmyfile? They have a free risk assessment page which only takes a minute to fill in.

7. Don't wait to get help

If your circumstances change or you are struggling to manage your loans, get help as soon as possible from your lenders; they'll be able to advise you.

Increasing numbers of people are going bankrupt or taking out an Individual Voluntary Arrangement to escape debt, but it should be a last resort.

Both options stay on your credit report for many years and can mean you are refused credit or charged very high interest.

8. Plan ahead

It's tempting to live for today and worry about your debts tomorrow, but if you keep your finances on track you should have no problem getting credit; or paying it back.

The easy way to keep an eye on your credit status is to take a free 30-day trial of CreditExpert, the online credit monitoring and identity fraud protection from Experian.

This will give you access to your full Experian credit report and also alert you by text or e-mail whenever there is any significant change to your credit report that could indicate an attempted ID fraud.

Click here to see your free credit report.

So, while many of us have debt, you shouldn't stress to much about it.

If you follow our 8 things to do before you're 50, you'll be able to keep your debts in check for years to come.

(* Online research conducted for the 2008 Your Money Matters exhibition in London)

Source: Credit Expert/Experian

How you can ride out the credit crunch