The news on the economic front still remains extremely bleak. Day after day we read in the newspers, and hear on the television news the depresing news about the Northern Rock being in a worse state than ever. Since it was nationalised in February 2008, the losses have risen by 24% and now stand at the staggering level of about £725,000,000 compared to a loss of about £585,000,000 at the end of June last year.



This very day the partially state owned bank of Lloyds Banking Group which was a merger of HBOS, and LLoyds TSB has announced a loss of 4 billion pounds for the first part of 2009. Their bad debt situation is very much going down a slippery slope.. Between January to June of the current year their bad debts have increased 500%. Quite a rise, isn't it?

The all time high of 4 million unemployed is expected to be reached in the very near future. The construction industry is as bad as it has ever been since 1948 which was only three years after the end of the second world war.

Construction workers and those in the manufacturing industry have been particularly affected by the credit crunch, and many are now unemployed.

However, not everyone has been affeced so far by the credit crunch, and if you are a homeowner, you would do well to consider cutting down on your monthly outgoings in case you actually do personally start to feel the effects of the recession in the future.The best way to acheive a saving is by arranging a secured loan which you can use to consolidate all your debts.

As the loan is a secured loan the interest rate will be good, and at present the starting rate is about 8% APR. You really can make great savings every month by taking out a secured loan.

To give an example of exactly how substantial the savings can be is that if you have total outstanding balances of £30000 on credit cards, you must make a minimum repayment of £900, and paying this minimum repayment of 3% of the outstanding balance does not go much of a way to decreasing the balance. Those experts in this field of finance say that by making only the minimum payment you will take in the region of twenty six years to pay off your credit cards. A secured loan loan used for debt consolidation for £30,000 would cost about four hundred pounds each month over ten years. Quite a saving, and remember you would be debt free after ten years, and would not owe a single penny.

Therefore during this current credit crunch you will really feel better about your financial future by taking out a secured loan to pay off your other borrowings.

If however you feel completely safe in your employment and want to fund a large purchase such as a car, a motorhome, a caravan or a boat a secured loan is an excellent way to go about this You can of course apply for a loan from the car, motorhome, caravan and boat dealership. The disadvantage with obtaining your loan in this way is that you require a deposit.By taking out a secured loan you can fund 100% of the purchase with this loan Another advantage is that you would have cash in hand to negotiate the best deal, and are also not tied to buying your vehicle or boat from a dealership.

Instead you could look in your local and under the cars for sale section ,for example you will find contact details of private individuals with cars, motorhomes, etc. for sale and descriptions of vehicles which are for sale privately.Buying in this way can save you up 20% or more on the purchase price.

secured loans can also be used to pay for your dream wedding. Why put off marrying the love of your life in a romantic setting such as on a sunny beautiful tropical beach? Use a securede loan to achieve your dreams.