The type of money for spending changes
Everyone is keeping a close eye on money indicators at the moment and looking for positive signs that a real recession it not just around the corner.
But the signs so far are not encouraging as far as money is concerned. House prices are dropping, the cost of money for loans and mortgages is increasing even though base rates of interest are decreasing.
Other costs on the up are petrol, gas and electricity, food and insurance premiums.
Money Review's Opinion
Well consensus option seems to point to the fact that we are in for a money jolt without question. Loans are already harder to find and mortgages without deposit are non-existent now. We've had to endure some big jumps in the cost of utilities and food for the household. The only positive sign is a strong pound which helps exporters, but as we're not a country big on exports, that's only small beer. The Government is considering pumping huge amounts of money into the banking system in order to fend off the troubles there. So the rest of us will just have to tighten our belts, drive less, eat less expensive food, save on heating and work harder to keep our mortgage costs down where possible. If the worldwide financial community fixes it's problems quickly then we may not suffer too much.
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