The economic climate in May 2011 is as bleak as it has ever been in living memory, and the majority of the population are feeling a total lack of confidence in their own future.
The announcement, of more than a year ago, that the recession was over was met with such applause, now seems a very long time ago, and little more than a bad dream now.
At that time, most people felt that the financial state of the country in general, and their own personal financial well being, would return to normal right away, as if a magic wand had been waved.
This was sadly not the case for many and those who had lost their jobs during the recession were of the opinion that they would soon be able to get as well paid a job, or even better paid, than their previous employment.
The trouble was that as so many companies had closed, resulting in so many of their workers becoming unemployed, and therefore employers, after the recession, could choose from the absolute cream of the workforce.
Therefore many people who were made redundant did manage to find other employment, but their salaries were much lower than they had been previously.
Their household income may now be severely reduced, but the bills needing to be paid are as high as ever.
Thoughts of rearranging family finance had been put on the back burner for many, as they hoped that the end of the recession would automatically mean that everything would be as it had been before, and this also meant their financial state.
Much of this has been a vain hope, and now, instead of trying to struggle, it is now time to face facts and take the necessary steps to sort out money matters.
For people with a number of debts in credit cards and personal loans etc, the way to achieve this and to save money monthly is by debt consolidation.
Debt consolidation enables people to have one single repayment each month, in the place of several.
For tenants, the situation is fairly dire, as they are not in the situation of being able to obtain a debt consolidation loan.
For those who own their own home, the position is entirely different, as they can use the equity of their property to obtain money that can be used for the consolidation of all their monetary outlays in credit cards, hire purchase etc.
By means of either a secured loan or a remortgage they reorganize any number of debts into a low interest monthly repayment.
The interest rates currently start at 7.9% for secured loans and under 2% for tracker rate remortgages, while fixed rate remortgage deals are available from 2.70%.
Although secured loans have higher interest rates than remortgages, they can be the better choice if a homeowner is tied in to his existing mortgage deal.
When a remortgage or secured loan is used for debt consolidation, the savings can be great and the amount of the repayment each month can be reduced by half when these homeowner loans pay off the high interest credit cards etc.
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