It’s official – we are receding

Although we already knew because they’ve been telling us 24/7 for months, the media announced the ‘shocking’ news this week that we are ‘officially’ in a recession.
Somewhat superfluous advice soon followed with a list of ‘tips to beat the recession’ from thisismoney.co.uk which helpfully advised that we should:-

Cut our spending
Reduce our debts
Slash our bills
Save for a rainy day (it’s not raining now?)
So, there we have it. Tips to beat the recession. To be fair the advice also suggested not changing jobs just now as you could be first out of your new company if it fails. It also stresses the importance of not failing to meet mortgage payments even if you have to extend the term or move to interest-only. Maintaining your home and your creditworthiness are very essential. Debts need to be managed very carefully whether they are mortgages, personal loans or credit cards.

January 24, 2009 at 6:27 pm | Loans General Info | No comment

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