The global credit crunch has severely dented the confidence of the average consumer according to statistics and studies released recently. With house prices dropping and the property market in a slump as well as fast rising fuel costs, people are starting to think hard before they spend their money these days. This lack of confidence from consumers has resulted in poor property sales (60% of consumers claim this) and falling numbers of major purchases (15% of consumers claim it is a bad to time to consider) such as cars and household furniture.
Is it any wonder…?
Then to add to this many banks are raising interest rates and slashing credit limits on cardholder’s accounts. For those who maintain a poor credit score the outlook is increasingly bleak, but for those who have managed to hold onto their good credit score the choices are still great for finding a better deal from credit providers.
Maintaining your credit score is very important right now, even if it means making sacrifices in other areas to ensure you stay up to date with your repayments and clear those balances each month. Credit providers will be happy to do business with you, and even reward you with special deals, just so long as you hang on in there.
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