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Thursday, February 12, 2009
Tuesday, February 10, 2009
Yet we as individuals must take it as a signal that recession is coming, and we need to protect our finances.
Yet we as individuals must take it as a signal that recession is coming, and we need to protect our finances.
This is a three-stage process, entailing learning to think with a recession head on, protecting your pocket, and making the most of every
bit of cash you get hold of.
I've written a full, straighforward guide to bolstering your financial defences in preparation for the recession.
The earlier you do this, the better, so act now to save paying later! Read the full Recession
The debt help checklist below is designed primarily to prevent people from getting into debt crisis, rather than for those already there.
Much of the information won't be applicable, yet it's worth scanning through for five minutes to see if anything is applicable, as it may allow
you to meet your minimum outgoings and thus avoid your crisis snowballing out of control.
Don't visit a debt counselling agency; not just because they're heavily oversubscribed and should be left to those in urgent need;
but more importantly the solution they use isn’t for you.
Debt counselling involves negotiating with creditors and even IVAs or bankruptcy.
These are serious measures, designed for those with limited alternatives, in effect drawing a line and saying
"this person is no longer within the system". The result is the debilitation of your
credit score and less access to financial and some consumer products.
This is a three-stage process, entailing learning to think with a recession head on, protecting your pocket, and making the most of every
bit of cash you get hold of.
I've written a full, straighforward guide to bolstering your financial defences in preparation for the recession.
The earlier you do this, the better, so act now to save paying later! Read the full Recession
The debt help checklist below is designed primarily to prevent people from getting into debt crisis, rather than for those already there.
Much of the information won't be applicable, yet it's worth scanning through for five minutes to see if anything is applicable, as it may allow
you to meet your minimum outgoings and thus avoid your crisis snowballing out of control.
Don't visit a debt counselling agency; not just because they're heavily oversubscribed and should be left to those in urgent need;
but more importantly the solution they use isn’t for you.
Debt counselling involves negotiating with creditors and even IVAs or bankruptcy.
These are serious measures, designed for those with limited alternatives, in effect drawing a line and saying
"this person is no longer within the system". The result is the debilitation of your
credit score and less access to financial and some consumer products.
Very large amounts. For those with very large amounts of savings (for example, a house sale or inheritance), you may need lots of accounts.
Very large amounts. For those with very large amounts of savings (for example, a house sale or inheritance), you may need lots of accounts.
Even if you've too much to stick to the £50,000 limit for each, the general rule of not having all your eggs in one basket still works.
Less than £50,000. If you've less than £50,000, there's no problem in terms of protection. Yet if you were to have to claim compensation,
this takes time, and meanwhile you wouldn't have access to your cash. Thus it's still worth considering spreading money across more than one institution.
The base rate cut can mean only one thing: the economy is in trouble. The aim of the cut is to boost the economy, stimulate spending and bring rates
into line with other countries.
Even if you've too much to stick to the £50,000 limit for each, the general rule of not having all your eggs in one basket still works.
Less than £50,000. If you've less than £50,000, there's no problem in terms of protection. Yet if you were to have to claim compensation,
this takes time, and meanwhile you wouldn't have access to your cash. Thus it's still worth considering spreading money across more than one institution.
The base rate cut can mean only one thing: the economy is in trouble. The aim of the cut is to boost the economy, stimulate spending and bring rates
into line with other countries.
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