Are we poised is to see the third leg of the credit crunch crisis?
After the initial credit crunch hit the US and began to spread around the world there was a period when many observers believed concerns had been overdone and the markets and economies around the world would return to "normal". However, we then saw a second leg which impacted upon the worldwide financial sector, stock markets, government budgets and other vital elements of "everyday life". However, there are growing concerns that we could be poised to see the third leg of the credit crunch hit the worldwide economy!
Earlier this week we saw concerns appear regarding the Greek economy, which has struggled due to the downturn, with a massive increase in the Greek government budget deficit. There is also the ongoing situation in Dubai which, despite government claims that it is "under control", still has some way to go before it is totally resolved. As a consequence, there is growing fear in the money markets that more governments around the world will struggle to raise funds needed to see them through the short to medium term, a time when the worldwide economy and local economies should start to turn the corner.
The danger is that if economies are starved of potential financial investment in the short term we could see a sharp U-turn and a further lurch downwards. This could literally push the worldwide economy into a depression, never mind a recession!
Simple energy-saving ideas for the home
Over the last 18 months we have seen the subject of energy bills hit the headlines on numerous occasions as the cost of gas and electric in particular continues to rise. It is therefore essential that where possible you look to make energy savings around the home and to be honest there are many easy ways to reduce energy bills.
Even though many of us appreciate that we should switch...
US unemployment data surprises market
The US stock market has been surprised at today's unemployment figures which show a rise to 10.2% in October which is the highest figure since April 1983. The figures, released by the US Labor Department, show a rise from the 9.8% in September and confirm that nearly 200,000 jobs were lost in the U.S. economy between September and October. So what next for the US economy?
UK mortgage arrears hit 12 year high
At this moment in time there are just over 270,000 mortgages in the UK which are in arrears, which is a 12 year high. This equates to 2.43% of all home loans in the UK and unfortunately the situation looks as if it will get worse before it actually gets better. Even though many politicians and economists have been bullish on the short to medium term outlook for the UK economy this will not help th...Read More
Step forward Richard Branson, Northern Rock is for sale!
The UK government will later this week confirm that Northern Rock will be split into a "good bank" and a "bad bank" after expected clearance from the European Commission is confirmed. It has also been revealed that the mortgage specialist assets of the group will be sold in the short term and should raise around £1.5 billion which will be injected back into the UK government coffers.
Choosing the right credit card for you
Even though the credit card industry is hitting the headlines at this moment in time for all the wrong reasons, there is still significant demand across the UK for the "flexible friend". However, with so many different varieties of credit card available, so many offers and so many temptations, which one is the correct one for your situation?
The truth is that you need to take into a...