Since the global credit crunch took a hold in the UK in the late summer of last year, there has been growing concerns over the state of the economy. Consumers were already facing financial difficulties as the result of five interest rate rises between August 2006 and July 2007, and consumer confidence levels had already fallen as a result of financial woes, which were affecting the economy. However, the global credit crunch brought with it a whole host of new problems, making it increasingly difficult for consumers to sort out their finances as a result of tighter credit conditions that lenders put in place. (more…)
