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Avoiding Financial Crisis In The Recession!

By Steve Smith

Republish: EasyPublish™
Published: 08Apr2009
Word count: 581
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As recession deepens in the UK, more and more people are feeling financial pressure and struggling to make ends meet. More people are losing their jobs, and finance is becoming ever more difficult to arrange.

There are however a number of things that we can all do to reduce the effect of the recession and try to keep hold of more of our money;

Shop around for cheaper utility suppliers: According to the independent watchdog "Consumer Focus" at the end of 2006 there were at least 10,000,000 energy consumers who had never switched energy suppliers, and as a result were missing out on over £1 billion in potential savings. As much as 3350 can be saved in annual costs by find the cheapest supplier for your Gas and Electricity. The same also applies to your telephone and broadband providers, there are some very good deals out there at the moment and it is surprising how a few pounds here and there soon start to add up.

Share a lift to work: Do you live close by to anybody that works where you do or near where you do? If so why not arrange a car pool? By sharing the costs of travel to and from work with a number of people (the more the merrier), you can again help to reduce your outgoings quite considerably.

Shop around for cheaper insurance: We all have to have some form of insurance whether for our homes, our cars or even our lives. However by shopping around and getting the best deal on any insurance that we do pay regularly we can save even more money. Remember do not take the first quote that you are presented with, try a few different places before you accept any offers, and always make sure that you are comparing like for like. Not all policies offer the same levels of cover and it is worth making sure that you know exactly what is covered and what is not.

Consolidate expensive credit card debts: Although this option is not as readily available to as many people these days with fewer lenders in the market place. However if you are a homeowner that has equity in their property or a tenant with a good credit history, and have a number of credit cards that you are paying the minimum amount each month. You could significantly reduce your monthly outgoing, and reduce the overall interest you pay on the debt by consolidating them all to a loan with a lower interest rate and paying one smaller monthly payment.

Debt management: If the option above (debt consolidation) is not open to you, and you are struggling to make the payments on your credit, you might want to consider entering into an Individual Voluntary Arrangement or Debt Management programme. With both the IVA and DM route your creditors will be contacted on your behalf and your payments and balance will be negotiated, and in some cases the interest frozen.

Protect your payments: With the current economic climate and more and more people being made redundant every day, it is ever more important that we all have some form of Payment Protection or Accident Sickness and Unemployment Insurance in place. This type of insurance can be obtained for as little as £1.80 for every £100 pounds of cover.

By doing all of the above mentioned we will all be in a better positon to ride through the storm, and be all the stronger when we come through the other side.

Steve Smith writes for AllAboutLoans, Our visitors can apply online for debt consolidation and all other forms of debt help. Visit today and see what we can do for you

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