Affected by the Credit Crunch?

The political and global reasons causing the so-called credit crunch are often the least of people's concerns as they look to see how they can make ends meet. The sense of desperation for some facing house repossession as their mortgaged property purchase becomes a millstone around the neck rather than the investment certainty they believed it to be.

If there is any advice to be given in these situations, the first thing to be said is: don't panic. Rather than wait for the demand letters to drop through the letter box, be proactive, reign back on the credit cards. In fact, it's often best to cut up those pieces of expensive plastic, especially those instore cards which often charge high amounts of interest for store purchases which you do not pay off at the end of each month. What seemed to be a bargain when you purchased, suddenly becomes a high priced item - and did you need it in the first place?

The easy availability of credit has left many with a financial hangover, and those that lent took the profit and are moving on to other forms of money-making in order that they might retain their own lifestyle. For the rest, they are left to pickup the pieces. It is inevitable that many in the UK will have to change their habits; that the shop-and-spend culture goes into steep decline, and that the credit card consumer will just have to wait for their next "must-have" purchase.

If you have been hit by the current issues, and looking for help or advice, the Citizens Advice Bureau (CAB) is a good place to start - it has support centres around the country. Here are a few in our region:

South Holland (Spalding) Citizens Advice Bureau

24 The Crescent
SPALDING
Lincolnshire
PE11 1AF

Telephone: 08444 99 41 99 - calls charged at 5p per minute, 01775 717444 Appointments Line

Website: www.shollandcab.co.uk

Market Deeping

The Community Centre
Douglas Road
MARKET DEEPING
Lincolnshire
PE6 8PA

Telephone: 08444 99 41 99 - call charged at 5p per minute

Website: www.southkestevencab.co.uk