Don't panic... the biggest impact of the credit crunch will probably be limited to the select unlucky 'few'. These few will be those that not only slip into negative equity, but also lose the ability to make their mortgage payments. If you think there's a chance of this happening to you then you should talk to a financial advisor or your mortgage lenders.
The knock-on effects however may be more widespread in terms of available credit - more people are being turned down for credit cards, and if possible, I would urge everyone to start to manage any credit card debt that you might have more effectively. If things get really tricky, you may find this debt becoming more of a burden especially in the current climate of rising prices and static wages.
Friday 13 June 2008
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