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It’ll all be over by Christmas. Is that the crunch or life as we know it?

According to a survey by Alliance and Leicester, 31 million people managed to add to their savings in 2008, despite ‘challenging’ conditions. What does this mean? Were people asked “Did you put any money into your savings during the year?” Were they asked if they took anything out?
No-one I know was able to achieve a significant net input into savings. And I’ll bet if I asked everyone I know to ask everyone they know the answer might well be the same. Which brings me onto the topic of how severe this ‘crisis’ is.
Some financial pundits belong to the ‘meltdown’ group of soothsayers whilst others talk of temporary difficulties. Not surprisingly it is the media which seeks to terrify us with Armageddon whilst the financial providers sooth us with talk of things correcting themselves over the next few months.
The Halifax (let’s not use the dreaded HBOS name) has put together four ‘golden’ resolutions through which people will be able to sort out their money matters in 2009. They consist of shopping around for the best financial deals, becoming a regular saver, overpaying mortgages and pension planning. Largely doing what you should do every year then. Are they in the same financial world as the media pundits suggesting personal bankruptcy as the way out?
My golden resolutions would be to do with fighting hard to put a lid on borrowing, finding the best way to consolidate debt, and looking hard at controlling daily expenditure – at least until we’re out of this financial meltdown/correction period.

January 5, 2009 at 11:13 am | Debt Consolidation, personal loan | No comment

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