Welcome to TheCreditCruncher.com

The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

14 Jun 2008

The Credit Crunch

The 'Credit Crunch' is now an everyday expression featured in news and current affairs on a daily basis at the moment. Many have been able to see this coming for a while, and the reasons behind the crunch are not that difficult to comprehend, the remedy however is not particularly agreeable.

My advice is to take a look at your own personal finances today and start to make a difference where you can, every day that we ignore our debt is a day wasted. The areas of concern for me is the level of debt that is apparently deemed 'acceptable' in our economy. Personally the acceptable level of debt is zero, and I am working towards paying off my credit cards every day until I have reached it. Why not join me and pledge to rid yourself of debt.

The internet is peppered with advice about how to make money quickly, I worked out once that actually the quickest way to 'make' money was actually to save money as you can 'make' money instantly by pledging to save yourself money. I wrote a 'squidoo' lens entitled 'how to make money quickly'. It repeats many of the sentiments found here, but comes at the problem from a different angle. Please feel free to read that article alongside the information that you read here.

Rachel Henderson has written an excellent guide called 'Easy Money Management' splitting money management up into six, easy to digest modules entitled:
  1. How to calculate your current situation
  2. How to keep a monthly budget
  3. How to assess what you owe...
  4. How to assess what you save...
  5. How to spend less
  6. How to earn more
This is a really useful guide and is available from the turnonepoundintoonemillion blog by making a donation. There is lots of good information out there to help you get your finances under control.

Related posts:
Government Intervention
Is this the new Great Depression?
Credit Crunch News
The Multiplier


Rachel said...

Interesting article. I agree that we all need to find our own ways of paying off debt but we also need to find ways of motivating ourselves to do so - which is really the starting point. I think it can be hard looking ahead and planning for retirement or even a few years into the future.

jay said...

You're right, for me, it's essential to clear credit card debts before starting to think about retirement or paying off the mortgage. I am motivated by those goals as I know you are - the motivation should increase as retirement and being mortgage free becomes more of a reality I guess...