The credit crunch has got the UK economy in one of its worst financial states in recent years and it shows no sign of improving in anytime soon. Unemployment is reaching its highest figures ever and the number of people filing for unemployment benefits is rising at its fastest rate each month. More than two thirds of households have seen their disposable income reduced compared to this time last year, it really is a bleak outlook at the moment.
One of the most shocking figures is that disposable income has been reduced by 71 per cent for the average home; this is a result of increasing prices on all our day to day needs such as fuel, energy and food.
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People who are used to having this money are finding themselves scraping the barrel a little more and making the most of what they already have. Some people are so used to having the extra little bit of cash that they are finding themselves taking out an additional loan to compensate their losses over this period.
But as the economy is doom and gloom for everyone, with the exception of liquidators, these debts are building up high interest rates and again, people are struggling with the repayments.
This is a nasty trap for people to get into, especially if it could have been avoided. One of the worst mistakes that lenders make is to take the first loan they see, more than often, there will be a better deal if you look around.
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