Most of us will wince as the credit card bill drops on the doormat in the next few weeks.

However, for some it will be a more painful and inescapable problem.

Today we feature the work of the Agnes Smith Centre on Oxford’s Blackbird Leys estate.

It is helping hundreds resolve mounting debt problems and has written off £370,000 in the past few months alone.

However, the true debt bill will be much, much bigger.

Writing debt off is not an easy option because of the black mark it leaves on your credit history.

It also takes a significant toll on family life.

Worryingly, 2011 is set to be the year the much-heralded ‘age of austerity’ bites.

And in a city that faces the spectre of significant public sector job losses, it could bite hard.

Tomorrow’s increase in VAT will hit all of us.

As retailers point out, we might not notice it at first, but shopping bills will creep up and filling the car with fuel will be even more painful than usual.

Combine it with rising rail fares, rising parking charges and the prospect of rising interest rates and it is easy to see just how hard times are likely to get.

The Government, led by an Oxfordshire MP, is adamant its financial policies are both necessary and proportionate if the UK is to avoid the economic meltdown experienced elsewhere in Europe.

Individuals, families and businesses feeling the financial pain – no matter which political party they support – will hope Mr Cameron and his coalition colleagues are proved correct, as failure does not bear thinking about.

By New Year 2012 perhaps we will know.