Well, the credit crunch can be defined in one of two ways. Either the availability of credit (loans, mortgages, credit cards etc…) will suddenly be reduced, or the cost to obtain this credit this will substantially increase. Either way, the credit crunch will make credit will seem like an old friend that can no longer be relied on to bail you out.

So hows best to prepare for the credit crunch?

The best idea is to plan ahead and get all your finances in order before the credit crunch bites you hardest.

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Britain’s financial optimism has plummeted, according to a recent set of figures.

GfK NOP’s latest consumer confidence index revealed a drop of five points with regard to the country’s outlook on the current monetary climate to stand at -24. Such a figure is the lowest recorded since November 1992. Furthermore the current overall level of economic optimism was shown to be down by 18 points from the same period this time last year, with decreases noted across all five of the firm’s measures which make up the index.

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