I slept in my contacts and now i'm seeing a red ring around my iris, what should i do about this? is it an early sign of an eye infection?

Probably not: No. It is most likely due to the lens tightening during the night, compressing the tissue and blood vessels around the eye. There is probably some edema of your cornea, which you would notice as your vision will not be clear. Leave your lenses out for a day or two and then start wearing them part of the day and build up to all day. Don't sleep in them again!