MORTGAGE LENDERS HAVE NOW REMOVING MOST 95% - 100% MORTGAGES. EXISTING MORTGAGES REMAIN HIGH .

MANY PEOPLE FIND THEMSELVES WITH NEGATIVE EQUITY AS THEY PURCHASED THEIR PROPERTY WITH A 100% - 125% MORTGAGE.

MANY PEOPLE FACE PROBLEMS IN PAYING THEIR MORTGAGES AND HOUSEHOLD BILLS, LET ALONE ANY CREDIT THEY MAY HAVE OBTAINED.

THE END OF THIS FINANCIAL YEAR  WILL SEE MORE HOUSE REPOSSESSIONS THAN THE PREVIOUS YEAR. HOUSE PRICES ARE CONTINUING TO FALL. IT IS ESTIMATED THAT BY THE END OF 2009 PRICES MAY FALL BY 13%-15%.

FOOD BILLS HAVE RISEN TO AN ALL TIME HIGH, ADDING TO THE CHAOS AND FUEL PRICES ARE THE LATEST TO BLIGHT US, FORCING SOME LOW INCOME FAMILIES OFF THE ROAD ALTOGETHER.

PEOPLE ARE LEAVING THE HIGH STREET AND TRYING TO TAKE STOCK OF WHAT THEY HAVE, MANY RETAIL CHAIN STORES ARE NOW CLOSING OR REDUCING.

THE TIME OF EASY CREDIT HAS NOW GONE.  WE NOW ENTER A NEW CAREFUL PHASE OF LIVING.

BUDGETING IS NOW THE WAY FORWARD.  KEEP YOURSELF INFORMED. WORK YOUR WAY DOWN OUR BUDGET LIST TO MAKE YOUR MONEY WORK FOR YOU.

AS WE HAVE NOW ENTERED THE CREDIT CRUNCH WE BEGIN TO SEE THAT DEBTS ACCUMULATED ARE BEST DEALT WITH BY MEANS OF REDUCED PAYMENT PLANS RATHER THAN CONSOLIDATING INTO ANOTHER DEBT.

THE CREDIT CRUNCH HAS MAINLY ARISEN FROM THE IRRESPONSIBLE LENDING OF THE PAST DECADE, BY MANY LENDING COMPANIES TO ALREADY OVERSTRETCHED,  VULNERABLE  PEOPLE.

THE LENDING ORGANISATIONS HAVE REALISED THE IMPACT OF THIS AS THEY HAVE CREATED A BUBBLE OF DEBT WHICH HAS NOW BURST.  THEY HAVE NOW STOPPED SOME OF THE CREDIT WHICH WAS ONCE SO EASILY AVAILABLE AND HAVE INCREASED THEIR INTEREST RATES.

BANKS ARE ALSO HAVING TO PAY BACK BANK CHARGES TO PEOPLE WHO WERE WRONGLY CHARGED. MANY PEOPLE HAVE A PENDING CASE AGAINST THEIR BANK.