Welcome to Debt Consolidation Quote
Welcome to the blog for Debt Consolidation Quote - I aim to post regular updates on here about debts / loans / mortgages / credit cards. It should be a mixture of news and commentary about the financial services industry.
As an ex-mortgage broker, I’m always interested in what’s going on in the industry, especially in light of the effects the credit crunch has had on the industry and now the wider economy.
At time of writing (Dec 2008), we have seen a 2.5% reduction on the Bank of England base rate over the course of the previous two meetings (Nov & Dec), which has seen the price of borrowing for existing borrowers fall dramatically, however it hasn’t led to a comparable decrease in the cost of borrowing for new borrowers.
The financial forecast for 2009 is very gloomy, with many predicting the worst economic slowdown since the great depression of the 1930’s. The government is doing it’s best to stave off a recession by borrowing more money so that it can “invest” in public spending, which in turn should stimulate the economy. My feeling is that the country could do to feel the pinch quite severely such that peoples’ attitudes to money and debts changes significantly for the better. I doubt it will happen, as every walk of life seems to be addicted to borrowing money, seemingly not able to live without credit, and if the government can’t set a good example, then what hope is there for business and individuals?
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