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I'm starting to get freaked out over this whole thing and I just founf this article...
http://news.bbc.co.uk/1/hi/business/7318889.st m
What affect is this whole credit crunch thing really going to have and when will it start to take effect?
Also as a non homeowner will it really affect too that much?
Also finally I promise is no the wrong time to be applying for a personal loan to consolidate credit card debts?
http://news.bbc.co.uk/1/hi/business/7318889.st m
What affect is this whole credit crunch thing really going to have and when will it start to take effect?
Also as a non homeowner will it really affect too that much?
Also finally I promise is no the wrong time to be applying for a personal loan to consolidate credit card debts?
Answers
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The credit crunch is basically the same as recession, it's happened before and it usually recovers in time. In the 1980's as a single homeowner I was paying 13% interest rate on my mortgage!! I took a lodger and survived.
It won't affect you quite as much as a homeowner as there are all the accompanying bills such as Council Tax, water rates, fuel bills etc.
What WILL affect you more is that without the security of a home you will find it harder to get credit -you will also find it harder to get a mortgage.
I would recommend that get a loan and consolodating your credit card debts is a good idea BUT you must get rid of the credit cards - otherwise all that will happen is you'll run them up again AND have a loan. Jobs will become very uncertain so get yourself as debt free as possible just in case you your job comes under threat and you should be fine.
It won't affect you quite as much as a homeowner as there are all the accompanying bills such as Council Tax, water rates, fuel bills etc.
What WILL affect you more is that without the security of a home you will find it harder to get credit -you will also find it harder to get a mortgage.
I would recommend that get a loan and consolodating your credit card debts is a good idea BUT you must get rid of the credit cards - otherwise all that will happen is you'll run them up again AND have a loan. Jobs will become very uncertain so get yourself as debt free as possible just in case you your job comes under threat and you should be fine.
Lovenut,
If you want to get debt free, check out this website.
http://www.moneysavingexpert.com/
It's fab xx
If you want to get debt free, check out this website.
http://www.moneysavingexpert.com/
It's fab xx
City bonus's are generally down from last year. People who spent in the face of adversity last time -some of them took a spanking when having to sort out their reckless spending- are just being a bit more cautious this year. Last year we had a bit of a splurge at bonus time - this year we are being more prudent in retaining an F.O.F ( that stands for eff off fund ) incase hubby wants to chuck it all in, for whatever reason.
If you are looking to get sort out your finances have a swizz at
http://www.moneysavingexpert.com/
to get the most competitive rates advice, and trawl the boards to see what other people have done to help themselves - it's well worth the time to look it over and interesting what others have done too.
If you are looking to get sort out your finances have a swizz at
http://www.moneysavingexpert.com/
to get the most competitive rates advice, and trawl the boards to see what other people have done to help themselves - it's well worth the time to look it over and interesting what others have done too.
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