We all know that we are bang in the middle of a full blown credit crunch at the moment, with companies dropping left right and centre, it looks as though things are only set to get worse. With these companies on the brink of collapsing the unemployment figure is rising further and further, in fact in Britain we have seen the fastest rise in unemployment for 17 years and this is due to hit around 2 million people by the end of the year.
Last month the unemployment figure saw a rising of around 32,000 people; this has been the 8th month of consecutive rising figures. The most dismal figures that we have seen in almost two decades is set to get a lot worse.
The Bank of England are now being put under pressure to make a cut in interest rates, to at least relieve some of the pressure that the economy is facing, it is said the the interest rates could fall as low as 2%.
But government work is also said to see a major staff cut, with up to ten thousand prison workers and court workers set for the axe as the Ministry of Justice seeks to save themselves 900 million.
One of the most worrying aspects with the credit crunch in place is that a lot of people could potentially become homeless. As unemployment increases families could miss mortgage repayments and end up being evicted and there homes being repossessed, this would indeed then have a knock on effect which could spiral out of control.
How do I Find a Solution?
Basically on of the best solutions to turn to, is to actively seek work if you have been laid off. If you are living in a family household then all members of the family that are legally the correct age to work, should go out and work. Now is the most important time to stick together and work as a family, this will help ease financial worries.
You should also cut down on spending habits until the financial worries are over. This means less going out and less luxuries such as alcohol and deserts.
You may want to earn a little bit extra by starting your own small business such as ironing services or your own cleaning services. If you are computer savvy you could even consider starting your own web based company, as online profit is still at a very high tide.
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