The global credit crunch that swept across the UK last year is continuing to wreak havoc in the financial markets, and both lenders and borrowers are being affected by the squeeze.
With funds quickly drying up for lenders, the availability of credit has been severely affected, and this, of course, has had a serious knock on effect for consumers, who can no longer enjoy ready access to finance, as was the case in the past.
All financial sectors have been affected by the credit crunch, and consumers will find it more difficult to get any sort of finance, including credit cards, mortgages, and loans.
Lenders have had to cut back on their lending significantly, as many can no longer keep up with demand due to difficulties in obtaining the necessary finance to fund their lending, and many lenders have tightened their lending criteria to a point where many people that may have been able to get finance six months ago can no longer get it.
The credit crunch has therefore resulted in a myriad of problems for consumers, who have been given the shock of realising that credit is not always as easy to get as they may have thought.
The reduced access to credit and finance has made it all the more important for consumers to take action themselves and not rely on being able to get money from lenders to bail them out should the need arise.
With credit conditions in such turmoil it is important that you start putting some money aside, so that you always have some funds available if the need arises in the future.
In the past people used to save for a 'rainy day', but in the current financial climate, saving money has become crucial, as you never know when you may need additional funds, and with the tight credit conditions that are now in place you may have to rely on your savings.
Anyone that wants to avoid becoming a victim of the credit crunch should save as much as possible, and whilst this may prove difficult due to strained household finances it is advisable to think about making cutbacks and sacrifices in order to try and put some money aside.
Of course, not everyone can put a large amount of money away each month, but even a small sum of cash put into a savings account with competitive interest rates can prove invaluable.
You can make the most of your savings by finding a savings account that offers good rates of interest as well as flexibility and suitable terms.
You should make sure that you shop around for a suitable savings account, and try and get the best return possible on the money that you put aside.
With funds quickly drying up for lenders, the availability of credit has been severely affected, and this, of course, has had a serious knock on effect for consumers, who can no longer enjoy ready access to finance, as was the case in the past.
All financial sectors have been affected by the credit crunch, and consumers will find it more difficult to get any sort of finance, including credit cards, mortgages, and loans.
Lenders have had to cut back on their lending significantly, as many can no longer keep up with demand due to difficulties in obtaining the necessary finance to fund their lending, and many lenders have tightened their lending criteria to a point where many people that may have been able to get finance six months ago can no longer get it.
The credit crunch has therefore resulted in a myriad of problems for consumers, who have been given the shock of realising that credit is not always as easy to get as they may have thought.
The reduced access to credit and finance has made it all the more important for consumers to take action themselves and not rely on being able to get money from lenders to bail them out should the need arise.
With credit conditions in such turmoil it is important that you start putting some money aside, so that you always have some funds available if the need arises in the future.
In the past people used to save for a 'rainy day', but in the current financial climate, saving money has become crucial, as you never know when you may need additional funds, and with the tight credit conditions that are now in place you may have to rely on your savings.
Anyone that wants to avoid becoming a victim of the credit crunch should save as much as possible, and whilst this may prove difficult due to strained household finances it is advisable to think about making cutbacks and sacrifices in order to try and put some money aside.
Of course, not everyone can put a large amount of money away each month, but even a small sum of cash put into a savings account with competitive interest rates can prove invaluable.
You can make the most of your savings by finding a savings account that offers good rates of interest as well as flexibility and suitable terms.
You should make sure that you shop around for a suitable savings account, and try and get the best return possible on the money that you put aside.
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